##### 



BOSTON CAPITAL TAX CREDIT FUND II
LIMITED PARTNERSHIP -
SERIES 7, 9 THROUGH 12, AND 14




---



##### 



PAGEREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
    
    
    F-3FINANCIAL STATEMENTSBALANCE SHEETS
    
    
    F-5STATEMENTS OF OPERATIONS
    
    
    F-12STATEMENTS OF CHANGES IN PARTNERS CAPITAL (DEFICIT)
    
    
    F-19STATEMENTS OF CASH FLOWS
    
    
    F-23NOTES TO FINANCIAL STATEMENTS
    
    
    F-30SCHEDULE III  REAL ESTATE AND ACCUMULATED DEPRECIATION
    
    
    F-75NOTES TO SCHEDULE III




---



##### 



F-3




---



##### 



/s/ Reznick Group, P.C.
REZNICK GROUP, P.C.
 
 F-4




---



##### 



Total2007
    
    
    2006ASSETSINVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS
    
    $
    2,790,211
    
    
    $
    3,696,857OTHER ASSETSCash and cash equivalents
    
    
    2,005,864
    
    
    
    3,500,741Deferred acquisition costs, net of accumulated amortization
    
    
    539,263
    
    
    
    574,055Other
    
    
    343,758
    
    
    
    825,410$
    5,679,096
    
    
    $
    8,597,063LIABILITIES AND PARTNERS CAPITAL (DEFICIT)LIABILITIESAccounts payable  trade
    
    $
    8,750
    
    
    $
    68,618Accounts payable  affiliates
    
    
    27,681,628
    
    
    
    29,245,962Capital contributions payable
    
    
    236,345
    
    
    
    236,34527,926,723
    
    
    
    29,550,925PARTNERS CAPITAL (DEFICIT)Assignor limited partnerUnits of limited partnership interest consisting of
20,000,000 authorized beneficial assignee certificates
(BAC), $10 stated value, 18,679,738 issued and
outstanding to the assignees at March 31, 2007 and 2006
    
    
    
    
    
    
    AssigneesUnits of beneficial interest of the limited partnership interest
of the assignor limited partner, 18,679,738 issued and
outstanding at March 31, 2007 and 2006
    
    
    (20,472,111
    )
    
    
    (19,175,853
    )General partner
    
    
    (1,775,516
    )
    
    
    (1,778,009
    )(22,247,627
    )
    
    
    (20,953,862
    )$
    5,679,096
    
    
    $
    8,597,063
  F-5




---



##### 



Series 72007
    
    
    2006ASSETSINVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS
    
    $
    
    
    
    $
    OTHER ASSETSCash and cash equivalents
    
    
    187,030
    
    
    
    362,316Deferred acquisition costs, net of accumulated amortization
    
    
    
    
    
    
    Other
    
    
    326,920
    
    
    
    808,572$
    513,950
    
    
    $
    1,170,888LIABILITIES AND PARTNERS CAPITAL (DEFICIT)LIABILITIESAccounts payable  trade
    
    $
    
    
    
    $
    9,000Accounts payable  affiliates
    
    
    833,517
    
    
    
    1,553,165Capital contributions payable
    
    
    
    
    
    
    833,517
    
    
    
    1,562,165PARTNERS CAPITAL (DEFICIT)Assignor limited partnerUnits of limited partnership interest consisting of
20,000,000 authorized beneficial assignee certificates
(BAC), $10 stated value, 1,036,100 issued and
outstanding to the assignees at March 31, 2007 and 2006
    
    
    
    
    
    
    AssigneesUnits of beneficial interest of the limited partnership interest
of the assignor limited partner, 1,036,100 issued and
outstanding at March 31, 2007 and 2006
    
    
    (228,776
    )
    
    
    (297,437
    )General partner
    
    
    (90,791
    )
    
    
    (93,840
    )(319,567
    )
    
    
    (391,277
    )$
    513,950
    
    
    $
    1,170,888
  F-6




---



##### 



Series 92007
    
    
    2006ASSETSINVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS
    
    $
    
    
    
    $
    OTHER ASSETSCash and cash equivalents
    
    
    141,756
    
    
    
    206,104Deferred acquisition costs, net of accumulated amortization
    
    
    5,991
    
    
    
    6,378Other
    
    
    14,138
    
    
    
    14,138$
    161,885
    
    
    $
    226,620LIABILITIES AND PARTNERS CAPITAL (DEFICIT)LIABILITIESAccounts payable  trade
    
    $
    
    
    
    $
    2,000Accounts payable  affiliates
    
    
    6,159,320
    
    
    
    5,838,728Capital contributions payable
    
    
    
    
    
    
    6,159,320
    
    
    
    5,840,728PARTNERS CAPITAL (DEFICIT)Assignor limited partnerUnits of limited partnership interest consisting of
20,000,000 authorized beneficial assignee certificates
(BAC), $10 stated value, 4,178,029 issued and
outstanding to the assignees at March 31, 2007 and 2006
    
    
    
    
    
    
    AssigneesUnits of beneficial interest of the limited partnership interest
of the assignor limited partner, 4,178,029 issued and
outstanding at March 31, 2007 and 2006
    
    
    (5,602,623
    )
    
    
    (5,223,129
    )General partner
    
    
    (394,812
    )
    
    
    (390,979
    )(5,997,435
    )
    
    
    (5,614,108
    )$
    161,885
    
    
    $
    226,620
  F-7




---



##### 



Series 102007
    
    
    2006ASSETSINVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS
    
    $
    234,798
    
    
    $
    369,953OTHER ASSETSCash and cash equivalents
    
    
    312,676
    
    
    
    351,299Deferred acquisition costs, net of accumulated amortization
    
    
    31,933
    
    
    
    33,993Other
    
    
    
    
    
    
    $
    579,407
    
    
    $
    755,245LIABILITIES AND PARTNERS CAPITAL (DEFICIT)LIABILITIESAccounts payable  trade
    
    $
    
    
    
    $
    12,000Accounts payable  affiliates
    
    
    3,477,877
    
    
    
    3,816,026Capital contributions payable
    
    
    
    
    
    
    3,477,877
    
    
    
    3,828,026PARTNERS CAPITAL (DEFICIT)Assignor limited partnerUnits of limited partnership interest consisting of
20,000,000 authorized beneficial assignee certificates
(BAC), $10 stated value, 2,428,925 issued and
outstanding to the assignees at March 31, 2007 and 2006
    
    
    
    
    
    
    AssigneesUnits of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,428,925 issued and
outstanding at March 31, 2007 and 2006
    
    
    (2,674,572
    )
    
    
    (2,847,140
    )General partner
    
    
    (223,898
    )
    
    
    (225,641
    )(2,898,470
    )
    
    
    (3,072,781
    )$
    579,407
    
    
    $
    755,245
  F-8




---



##### 



Series 112007
    
    
    2006ASSETSINVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS
    
    $
    1,568,461
    
    
    $
    2,056,230OTHER ASSETSCash and cash equivalents
    
    
    211,850
    
    
    
    260,979Deferred acquisition costs, net of accumulated amortization
    
    
    23,479
    
    
    
    24,994Other
    
    
    
    
    
    
    $
    1,803,790
    
    
    $
    2,342,203LIABILITIES AND PARTNERS CAPITAL (DEFICIT)LIABILITIESAccounts payable  trade
    
    $
    5,000
    
    
    $
    14,710Accounts payable  affiliates
    
    
    3,797,133
    
    
    
    4,232,300Capital contributions payable
    
    
    22,528
    
    
    
    22,5283,824,661
    
    
    
    4,269,538PARTNERS CAPITAL (DEFICIT)Assignor limited partnerUnits of limited partnership interest consisting of
20,000,000 authorized beneficial assignee certificates
(BAC), $10 stated value, 2,489,599 issued and
outstanding to the assignees at March 31, 2007 and 2006
    
    
    
    
    
    
    AssigneesUnits of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,489,599 issued and
outstanding at March 31, 2007 and 2006
    
    
    (1,785,977
    )
    
    
    (1,693,376
    )General partner
    
    
    (234,894
    )
    
    
    (233,959
    )(2,020,871
    )
    
    
    (1,927,335
    )$
    1,803,790
    
    
    $
    2,342,203
  F-9




---



##### 



Series 122007
    
    
    2006ASSETSINVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS
    
    $
    69,772
    
    
    $
    138,176OTHER ASSETSCash and cash equivalents
    
    
    502,693
    
    
    
    996,805Deferred acquisition costs, net of accumulated amortization
    
    
    144,517
    
    
    
    153,841Other
    
    
    2,700
    
    
    
    2,700$
    719,682
    
    
    $
    1,291,522LIABILITIES AND PARTNERS CAPITAL (DEFICIT)LIABILITIESAccounts payable  trade
    
    $
    3,750
    
    
    $
    23,528Accounts payable  affiliates
    
    
    4,606,163
    
    
    
    5,231,113Capital contributions payable
    
    
    11,405
    
    
    
    11,4054,621,318
    
    
    
    5,266,046PARTNERS CAPITAL (DEFICIT)Assignor limited partnerUnits of limited partnership interest consisting of
20,000,000 authorized beneficial assignee certificates
(BAC), $10 stated value, 2,972,795 issued and
outstanding to the assignees at March 31, 2007 and 2006
    
    
    
    
    
    
    AssigneesUnits of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,972,795 issued and
outstanding at March 31, 2007 and 2006
    
    
    (3,611,488
    )
    
    
    (3,677,520
    )General partner
    
    
    (290,148
    )
    
    
    (297,004
    )(3,901,636
    )
    
    
    (3,974,524
    )$
    719,682
    
    
    $
    1,291,522
  F-10




---



##### 



Series 142007
    
    
    2006ASSETSINVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS
    
    $
    917,180
    
    
    $
    1,132,498OTHER ASSETSCash and cash equivalents
    
    
    649,859
    
    
    
    1,323,238Deferred acquisition costs, net of accumulated amortization
    
    
    333,343
    
    
    
    354,849Other
    
    
    
    
    
    
    $
    1,900,382
    
    
    $
    2,810,585LIABILITIES AND PARTNERS CAPITAL (DEFICIT)LIABILITIESAccounts payable  trade
    
    $
    
    
    
    $
    7,380Accounts payable  affiliates
    
    
    8,807,618
    
    
    
    8,574,630Capital contributions payable
    
    
    202,412
    
    
    
    202,4129,010,030
    
    
    
    8,784,422PARTNERS CAPITAL (DEFICIT)Assignor limited partnerUnits of limited partnership interest consisting of
20,000,000 authorized beneficial assignee certificates
(BAC), $10 stated value, 5,574,290 issued and
outstanding to the assignees at March 31, 2007 and 2006
    
    
    
    
    
    
    AssigneesUnits of beneficial interest of the limited partnership interest
of the assignor limited partner, 5,574,290 issued and
outstanding at March 31, 2007 and 2006
    
    
    (6,568,675
    )
    
    
    (5,437,251
    )General partner
    
    
    (540,973
    )
    
    
    (536,586
    )(7,109,648
    )
    
    
    (5,973,837
    )$
    1,900,382
    
    
    $
    2,810,585
  F-11




---



##### 



Total2007
    
    
    2006
    
    
    2005IncomeInterest income
    
    $
    58,158
    
    
    $
    17,511
    
    
    $
    22,479Miscellaneous income
    
    
    327,422
    
    
    
    30,552
    
    
    
    47,883385,580
    
    
    
    48,063
    
    
    
    70,362Share of income (loss) from operating limited
partnerships
    
    
    1,989,375
    
    
    
    2,457,601
    
    
    
    (3,230,139
    )ExpensesProfessional fees
    
    
    285,048
    
    
    
    286,465
    
    
    
    271,835Partnership management fee
    
    
    1,285,868
    
    
    
    1,752,063
    
    
    
    1,719,408Amortization
    
    
    34,792
    
    
    
    74,433
    
    
    
    249,906Impairment loss
    
    
    332,494
    
    
    
    2,462,981
    
    
    
    3,069,541General and administrative expenses
    
    
    187,493
    
    
    
    135,280
    
    
    
    114,8182,125,695
    
    
    
    4,711,222
    
    
    
    5,425,508NET LOSS
    
    $
    249,260
    
    
    $
    (2,205,558
    )
    
    $
    (8,585,285
    )Net income
(loss) allocated to general partner
    
    $
    2,493
    
    
    $
    (22,057
    )
    
    $
    (85,853
    )Net income
(loss) allocated to assignees
    
    $
    246,767
    
    
    $
    (2,183,501
    )
    
    $
    (8,499,432
    )Net income
(loss) per BAC
    
    $
    0.01
    
    
    $
    (0.12
    )
    
    $
    (0.46
    )
  F-12




---



##### 



Series 72007
    
    
    2006
    
    
    2005IncomeInterest income
    
    $
    6,140
    
    
    $
    1,417
    
    
    $
    118Miscellaneous income
    
    
    600
    
    
    
    
    
    
    
    2,100Total income
    
    
    6,740
    
    
    
    1,417
    
    
    
    2,218Share of income (loss) from operating limited
partnerships
    
    
    363,220
    
    
    
    1,072,780
    
    
    
    325,021ExpensesProfessional fees
    
    
    18,897
    
    
    
    18,467
    
    
    
    14,381Partnership management fee
    
    
    32,286
    
    
    
    22,118
    
    
    
    29,644Amortization
    
    
    
    
    
    
    
    
    
    
    Impairment loss
    
    
    
    
    
    
    
    
    
    
    General and administrative expenses
    
    
    13,882
    
    
    
    12,235
    
    
    
    12,91065,065
    
    
    
    52,820
    
    
    
    56,935NET INCOME (LOSS)
    
    $
    304,895
    
    
    $
    1,021,377
    
    
    $
    270,304Net income (loss) allocated to general partner
    
    $
    3,049
    
    
    $
    10,214
    
    
    $
    2,703Net income (loss) allocated to assignees
    
    $
    301,846
    
    
    $
    1,011,163
    
    
    $
    267,601Net income (loss) per BAC
    
    $
    0.29
    
    
    $
    0.94
    
    
    $
    0.25
  F-13




---



##### 



Series 92007
    
    
    2006
    
    
    2005IncomeInterest income
    
    $
    3,017
    
    
    $
    2,547
    
    
    $
    1,803Miscellaneous income
    
    
    5,502
    
    
    
    10,223
    
    
    
    8,403Total income
    
    
    8,519
    
    
    
    12,770
    
    
    
    10,206Share of income (loss) from operating limited
partnerships
    
    
    (10,078
    )
    
    
    161,690
    
    
    
    1,286,062ExpensesProfessional fees
    
    
    44,859
    
    
    
    45,979
    
    
    
    37,246Partnership management fee
    
    
    303,930
    
    
    
    392,223
    
    
    
    372,688Amortization
    
    
    387
    
    
    
    1,631
    
    
    
    8,085Impairment loss
    
    
    
    
    
    
    
    
    
    
    General and administrative expenses
    
    
    32,592
    
    
    
    24,482
    
    
    
    19,557381,768
    
    
    
    464,315
    
    
    
    437,576NET INCOME (LOSS)
    
    $
    (383,327
    )
    
    $
    (289,855
    )
    
    $
    858,692Net income (loss) allocated to general partner
    
    $
    (3,833
    )
    
    $
    (2,899
    )
    
    $
    8,587Net income (loss) allocated to assignees
    
    $
    (379,494
    )
    
    $
    (286,956
    )
    
    $
    850,105Net income (loss) per BAC
    
    $
    (0.09
    )
    
    $
    (0.07
    )
    
    $
    0.20
  F-14




---



##### 



Series 102007
    
    
    2006
    
    
    2005IncomeInterest income
    
    $
    7,277
    
    
    $
    2,170
    
    
    $
    14,010Miscellaneous income
    
    
    2,700
    
    
    
    2,639
    
    
    
    30,058Total income
    
    
    9,977
    
    
    
    4,809
    
    
    
    44,068Share of income (loss) from operating limited
partnerships
    
    
    449,258
    
    
    
    963,618
    
    
    
    (485,369
    )ExpensesProfessional fees
    
    
    43,194
    
    
    
    39,900
    
    
    
    30,250Partnership management fee
    
    
    195,739
    
    
    
    187,544
    
    
    
    259,281Amortization
    
    
    2,060
    
    
    
    20,165
    
    
    
    9,509Impairment loss
    
    
    17,736
    
    
    
    160,877
    
    
    
    280,766General and administrative expenses
    
    
    26,195
    
    
    
    17,793
    
    
    
    16,204284,924
    
    
    
    426,279
    
    
    
    596,010NET INCOME
(LOSS)
    
    $
    174,311
    
    
    $
    542,148
    
    
    $
    (1,037,311
    )Net income
(loss) allocated to general partner
    
    $
    1,743
    
    
    $
    5,421
    
    
    $
    (10,373
    )Net income
(loss) allocated to assignees
    
    $
    172,568
    
    
    $
    536,727
    
    
    $
    (1,026,938
    )Net income
(loss) per BAC
    
    $
    0.07
    
    
    $
    0.22
    
    
    $
    (0.42
    )
  F-15




---



##### 



Series 112007
    
    
    2006
    
    
    2005IncomeInterest income
    
    $
    7,908
    
    
    $
    1,041
    
    
    $
    1,195Miscellaneous income
    
    
    292,712
    
    
    
    2,069
    
    
    
    3,725Total income
    
    
    300,620
    
    
    
    3,110
    
    
    
    4,920Share of income (loss) from operating limited
partnerships
    
    
    146,141
    
    
    
    553,449
    
    
    
    (515,127
    )ExpensesProfessional fees
    
    
    40,651
    
    
    
    38,890
    
    
    
    29,245Partnership management fee
    
    
    171,403
    
    
    
    279,792
    
    
    
    303,312Amortization
    
    
    1,515
    
    
    
    2,518
    
    
    
    4,758Impairment loss
    
    
    301,946
    
    
    
    1,259,406
    
    
    
    473,600General and administrative expenses
    
    
    24,782
    
    
    
    16,908
    
    
    
    14,764540,297
    
    
    
    1,597,514
    
    
    
    825,679NET LOSS
    
    $
    (93,536
    )
    
    $
    (1,040,955
    )
    
    $
    (1,335,886
    )Net loss allocated to general partner
    
    $
    (935
    )
    
    $
    (10,410
    )
    
    $
    (13,359
    )Net loss allocated to assignees
    
    $
    (92,601
    )
    
    $
    (1,030,545
    )
    
    $
    (1,322,527
    )Net loss per BAC
    
    $
    (0.04
    )
    
    $
    (0.41
    )
    
    $
    (0.53
    )
  F-16




---



##### 



Series 122007
    
    
    2006
    
    
    2005IncomeInterest income
    
    $
    17,920
    
    
    $
    3,304
    
    
    $
    704Miscellaneous income
    
    
    6,714
    
    
    
    1,550
    
    
    
    1,836Total income
    
    
    24,634
    
    
    
    4,854
    
    
    
    2,540Share of income (loss) from operating limited
partnerships
    
    
    844,126
    
    
    
    (119,642
    )
    
    
    (2,743,788
    )ExpensesProfessional fees
    
    
    52,767
    
    
    
    48,733
    
    
    
    45,195Partnership management fee
    
    
    77,109
    
    
    
    285,474
    
    
    
    183,130Amortization
    
    
    9,324
    
    
    
    16,897
    
    
    
    75,623Impairment loss
    
    
    12,812
    
    
    
    534,437
    
    
    
    570,893General and administrative expenses
    
    
    31,105
    
    
    
    20,127
    
    
    
    17,615183,117
    
    
    
    905,668
    
    
    
    892,456NET INCOME (LOSS)
    
    $
    685,643
    
    
    $
    (1,020,456
    )
    
    $
    (3,633,704
    )Net income
(loss) allocated to general partner
    
    $
    6,856
    
    
    $
    (10,205
    )
    
    $
    (36,337
    )Net income
(loss) allocated to assignees
    
    $
    678,787
    
    
    $
    (1,010,251
    )
    
    $
    (3,597,367
    )Net income
(loss) per BAC
    
    $
    0.23
    
    
    $
    (0.34
    )
    
    $
    (1.21
    )
  F-17




---



##### 



Series 142007
    
    
    2006
    
    
    2005IncomeInterest income
    
    $
    15,896
    
    
    $
    7,032
    
    
    $
    4,649Miscellaneous income
    
    
    19,194
    
    
    
    14,071
    
    
    
    1,761Total income
    
    
    35,090
    
    
    
    21,103
    
    
    
    6,410Share of income (loss) from operating
limited
partnerships
    
    
    196,708
    
    
    
    (174,294
    )
    
    
    (1,096,938
    )ExpensesProfessional fees
    
    
    84,680
    
    
    
    94,496
    
    
    
    115,518Partnership management fee
    
    
    505,401
    
    
    
    584,912
    
    
    
    571,353Amortization
    
    
    21,506
    
    
    
    33,222
    
    
    
    151,931Impairment loss
    
    
    
    
    
    
    508,261
    
    
    
    1,744,282General and administrative expenses
    
    
    58,937
    
    
    
    43,735
    
    
    
    33,768670,524
    
    
    
    1,264,626
    
    
    
    2,616,852NET LOSS
    
    $
    (438,726
    )
    
    $
    (1,417,817
    )
    
    $
    (3,707,380
    )Net loss allocated to general partner
    
    $
    (4,387
    )
    
    $
    (14,178
    )
    
    $
    (37,074
    )Net loss allocated to assignees
    
    $
    (434,339
    )
    
    $
    (1,403,639
    )
    
    $
    (3,670,306
    )Net loss per BAC
    
    $
    (0.08
    )
    
    $
    (0.25
    )
    
    $
    (0.66
    )
   F-18




---



##### 



GeneralTotal
    
    Assignees
    
    
    partner
    
    
    TotalPartners capital (deficit), March 31, 2004
    
    
    (6,912,721
    )
    
    
    (1,670,099
    )
    
    
    (8,582,820
    )Net loss
    
    
    (8,499,432
    )
    
    
    (85,853
    )
    
    
    (8,585,285
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2005
    
    
    (15,412,153
    )
    
    
    (1,755,952
    )
    
    
    (17,168,105
    )Net loss
    
    
    (2,183,501
    )
    
    
    (22,057
    )
    
    
    (2,205,558
    )Distributions
    
    
    (1,580,199
    )
    
    
    
    
    
    
    (1,580,199
    )Partners capital (deficit), March 31, 2006
    
    
    (19,175,853
    )
    
    
    (1,778,009
    )
    
    
    (20,953,862
    )Net income
    
    
    246,767
    
    
    
    2,493
    
    
    
    249,260Distributions
    
    
    (1,543,025
    )
    
    
    
    
    
    
    (1,543,025
    )Partners capital (deficit), March 31, 2007
    
    $
    (20,472,111
    )
    
    $
    (1,775,516
    )
    
    $
    (22,247,627
    )
   F-19




---



##### 



GeneralSeries 7
    
    Assignees
    
    
    partner
    
    
    TotalPartners capital (deficit), March 31, 2004
    
    $
    (1,576,201
    )
    
    $
    (106,757
    )
    
    
    (1,682,958
    )Net income
    
    
    267,601
    
    
    
    2,703
    
    
    
    270,304Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2005
    
    
    (1,308,600
    )
    
    
    (104,054
    )
    
    
    (1,412,654
    )Net income
    
    
    1,011,163
    
    
    
    10,214
    
    
    
    1,021,377Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2006
    
    
    (297,437
    )
    
    
    (93,840
    )
    
    
    (391,277
    )Net income
    
    
    301,846
    
    
    
    3,049
    
    
    
    304,895Distributions
    
    
    (233,185
    )
    
    
    
    
    
    
    (233,185
    )Partners capital (deficit), March 31, 2007
    
    $
    (228,776
    )
    
    $
    (90,791
    )
    
    $
    (319,567
    )
 GeneralSeries 9
    
    Assignees
    
    
    partner
    
    
    TotalPartners capital (deficit), March 31, 2004
    
    $
    (5,188,152
    )
    
    $
    (396,667
    )
    
    $
    (5,584,819
    )Net income
    
    
    850,105
    
    
    
    8,587
    
    
    
    858,692Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2005
    
    
    (4,338,047
    )
    
    
    (388,080
    )
    
    
    (4,726,127
    )Net loss
    
    
    (286,956
    )
    
    
    (2,899
    )
    
    
    (289,855
    )Distributions
    
    
    (598,126
    )
    
    
    
    
    
    
    (598,126
    )Partners capital (deficit), March 31, 2006
    
    
    (5,223,129
    )
    
    
    (390,979
    )
    
    
    (5,614,108
    )Net loss
    
    
    (379,494
    )
    
    
    (3,833
    )
    
    
    (383,327
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2007
    
    $
    (5,602,623
    )
    
    $
    (394,812
    )
    
    $
    (5,997,435
    )
  F-20




---



##### 



GeneralSeries 10
    
    Assignees
    
    
    partner
    
    
    TotalPartners capital (deficit), March 31, 2004
    
    $
    (1,536,339
    )
    
    $
    (220,689
    )
    
    $
    (1,757,028
    )Net loss
    
    
    (1,026,938
    )
    
    
    (10,373
    )
    
    
    (1,037,311
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2005
    
    
    (2,563,277
    )
    
    
    (231,062
    )
    
    
    (2,794,339
    )Net income
    
    
    536,727
    
    
    
    5,421
    
    
    
    542,148Distributions
    
    
    (820,590
    )
    
    
    
    
    
    
    (820,590
    )Partners capital (deficit), March 31, 2006
    
    
    (2,847,140
    )
    
    
    (225,641
    )
    
    
    (3,072,781
    )Net income
    
    
    172,568
    
    
    
    1,743
    
    
    
    174,311Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2007
    
    $
    (2,674,572
    )
    
    $
    (223,898
    )
    
    $
    (2,898,470
    )
 GeneralSeries 11
    
    Assignees
    
    
    partner
    
    
    TotalPartners capital (deficit), March 31, 2004
    
    $
    659,696
    
    
    $
    (210,190
    )
    
    $
    449,506Net loss
    
    
    (1,322,527
    )
    
    
    (13,359
    )
    
    
    (1,335,886
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2005
    
    
    (662,831
    )
    
    
    (223,549
    )
    
    
    (886,380
    )Net loss
    
    
    (1,030,545
    )
    
    
    (10,410
    )
    
    
    (1,040,955
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2006
    
    
    (1,693,376
    )
    
    
    (233,959
    )
    
    
    (1,927,335
    )Net loss
    
    
    (92,601
    )
    
    
    (935
    )
    
    
    (93,536
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2007
    
    $
    (1,785,977
    )
    
    $
    (234,894
    )
    
    $
    (2,020,871
    )
   F-21




---



##### 



GeneralSeries 12
    
    Assignees
    
    
    partner
    
    
    TotalPartners capital (deficit), March 31, 2004
    
    $
    930,098
    
    
    $
    (250,462
    )
    
    $
    679,636Net loss
    
    
    (3,597,367
    )
    
    
    (36,337
    )
    
    
    (3,633,704
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2005
    
    
    (2,667,269
    )
    
    
    (286,799
    )
    
    
    (2,954,068
    )Net loss
    
    
    (1,010,251
    )
    
    
    (10,205
    )
    
    
    (1,020,456
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2006
    
    
    (3,677,520
    )
    
    
    (297,004
    )
    
    
    (3,974,524
    )Net income
    
    
    678,787
    
    
    
    6,856
    
    
    
    685,643Distributions
    
    
    (612,755
    )
    
    
    
    
    
    
    (612,755
    )Partners capital (deficit), March 31, 2007
    
    $
    (3,611,488
    )
    
    $
    (290,148
    )
    
    $
    (3,901,636
    )
 GeneralSeries 14
    
    Assignees
    
    
    partner
    
    
    TotalPartners capital (deficit), March 31, 2004
    
    $
    (201,823
    )
    
    $
    (485,334
    )
    
    $
    (687,157
    )Net loss
    
    
    (3,670,306
    )
    
    
    (37,074
    )
    
    
    (3,707,380
    )Distributions
    
    
    
    
    
    
    
    
    
    
    Partners capital (deficit), March 31, 2005
    
    
    (3,872,129
    )
    
    
    (522,408
    )
    
    
    (4,394,537
    )Net loss
    
    
    (1,403,639
    )
    
    
    (14,178
    )
    
    
    (1,417,817
    )Distributions
    
    
    (161,483
    )
    
    
    
    
    
    
    (161,483
    )Partners capital (deficit), March 31, 2006
    
    
    (5,437,251
    )
    
    
    (536,586
    )
    
    
    (5,973,837
    )Net loss
    
    
    (434,339
    )
    
    
    (4,387
    )
    
    
    (438,726
    )Distributions
    
    
    (697,085
    )
    
    
    
    
    
    
    (697,085
    )Partners capital (deficit), March 31, 2007
    
    $
    (6,568,675
    )
    
    $
    (540,973
    )
    
    $
    (7,109,648
    )
  F-22




---



##### 



Total2007
    
    
    2006
    
    
    2005Cash flows from operating activitiesNet income
(loss)
    
    $
    249,260
    
    
    $
    (2,205,558
    )
    
    $
    (8,585,285
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activitiesDistributions from operating limited
partnerships
    
    
    42,081
    
    
    
    3,804
    
    
    
    105,078Share of (income) loss from operating limited
partnerships
    
    
    (1,989,375
    )
    
    
    (2,457,601
    )
    
    
    3,230,139Impairment loss
    
    
    332,494
    
    
    
    2,462,981
    
    
    
    3,069,541Amortization
    
    
    34,792
    
    
    
    74,433
    
    
    
    249,906Changes in assets and liabilitiesAccounts payable and accrued expenses
    
    
    (59,868
    )
    
    
    59,711
    
    
    
    1,362,166Accounts payable  affiliates
    
    
    (1,564,334
    )
    
    
    (571,492
    )
    
    
    Other assets
    
    
    754,106
    
    
    
    (650,010
    )
    
    
    (131,780
    )Net cash provided by (used in)
operating activities
    
    
    (2,200,844
    )
    
    
    (3,283,732
    )
    
    
    (700,235
    )Cash flows from investing activities(Advances to) repayments from operating limited
partnerships
    
    
    
    
    
    
    11,979
    
    
    
    176,481Proceeds from disposition of operating limited partnerships
    
    
    2,248,992
    
    
    
    3,466,697
    
    
    
    3,660,333Net cash provided by (used in) investing
activities
    
    
    2,248,992
    
    
    
    3,478,676
    
    
    
    3,836,814Cash flows from financing activitiesDistributions paid to assignees
    
    
    (1,543,025
    )
    
    
    (1,580,199
    )
    
    
    Net cash provided by (used in) financing
activities
    
    
    (1,543,025
    )
    
    
    (1,580,199
    )
    
    
    NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
    
    
    (1,494,877
    )
    
    
    (1,385,255
    )
    
    
    3,136,579Cash and cash equivalents, beginning
    
    
    3,500,741
    
    
    
    4,885,996
    
    
    
    1,749,417Cash and cash equivalents, end
    
    $
    2,005,864
    
    
    $
    3,500,741
    
    
    $
    4,885,996
  F-23




---



##### 



Series 72007
    
    
    2006
    
    
    2005Cash flows from operating activitiesNet income (loss)
    
    $
    304,895
    
    
    $
    1,021,377
    
    
    $
    270,304Adjustments to reconcile net loss to net cash
provided by (used in) operating activitiesDistributions from operating limited
partnerships
    
    
    
    
    
    
    
    
    
    
    3,085Share of (income) loss from operating limited
partnerships
    
    
    (363,220
    )
    
    
    (1,072,780
    )
    
    
    (325,021
    )Impairment loss
    
    
    
    
    
    
    
    
    
    
    Amortization
    
    
    
    
    
    
    
    
    
    
    Changes in assets and liabilitiesAccounts payable and accrued expenses
    
    
    (9,000
    )
    
    
    9,000
    
    
    
    (67,080
    )Accounts payable  affiliates
    
    
    (719,648
    )
    
    
    (202,855
    )
    
    
    Other assets
    
    
    808,572
    
    
    
    (738,072
    )
    
    
    Net cash provided by (used in)
operating activities
    
    
    21,599
    
    
    
    (983,330
    )
    
    
    (118,712
    )Cash flows from investing activities(Advances to) repayments from operating limited
partnerships
    
    
    
    
    
    
    
    
    
    
    Proceeds from disposition of operating limited partnerships
    
    
    36,300
    
    
    
    1,108,189
    
    
    
    343,953Net cash provided by (used in) investing
activities
    
    
    36,300
    
    
    
    1,108,189
    
    
    
    343,953Cash flows from financing activitiesDistributions paid to assignees
    
    
    (233,185
    )
    
    
    
    
    
    
    Net cash provided by (used in) financing
activities
    
    
    (233,185
    )
    
    
    
    
    
    
    NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
    
    
    (175,286
    )
    
    
    124,859
    
    
    
    225,241Cash and cash equivalents, beginning
    
    
    362,316
    
    
    
    237,457
    
    
    
    12,216Cash and cash equivalents, end
    
    $
    187,030
    
    
    $
    362,316
    
    
    $
    237,457
  F-24




---



##### 



Series 92007
    
    
    2006
    
    
    2005Cash flows from operating activitiesNet income (loss)
    
    $
    (383,327
    )
    
    $
    (289,855
    )
    
    $
    858,692Adjustments to reconcile net loss to net cash
provided by (used in) operating activitiesDistributions from operating limited
partnerships
    
    
    
    
    
    
    
    
    
    
    74,498Share of (income) loss from operating limited
partnerships
    
    
    10,078
    
    
    
    (161,690
    )
    
    
    (1,286,062
    )Impairment loss
    
    
    
    
    
    
    
    
    
    
    Amortization
    
    
    387
    
    
    
    1,631
    
    
    
    8,085Changes in assets and liabilitiesAccounts payable and accrued expenses
    
    
    (2,000
    )
    
    
    2,000
    
    
    
    (112,848
    )Accounts payable  affiliates
    
    
    320,592
    
    
    
    (133,590
    )
    
    
    Other assets
    
    
    (22,300
    )
    
    
    49,801
    
    
    
    (122,522
    )Net cash provided by (used in)
operating activities
    
    
    (76,570
    )
    
    
    (531,703
    )
    
    
    (580,157
    )Cash flows from investing activities(Advances to) repayments from operating limited
partnerships
    
    
    
    
    
    
    
    
    
    
    Proceeds from disposition of operating limited partnerships
    
    
    12,222
    
    
    
    279,424
    
    
    
    1,393,049Net cash provided by (used in) investing
activities
    
    
    12,222
    
    
    
    279,424
    
    
    
    1,393,049Cash flows from financing activitiesDistributions paid to assignees
    
    
    
    
    
    
    (598,126
    )
    
    
    Net cash provided by (used in) financing
activities
    
    
    
    
    
    
    (598,126
    )
    
    
    NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
    
    
    (64,348
    )
    
    
    (850,405
    )
    
    
    812,892Cash and cash equivalents, beginning
    
    
    206,104
    
    
    
    1,056,509
    
    
    
    243,617Cash and cash equivalents, end
    
    $
    141,756
    
    
    $
    206,104
    
    
    $
    1,056,509
  F-25




---



##### 



Series 102007
    
    
    2006
    
    
    2005Cash flows from operating activitiesNet income
(loss)
    
    $
    174,311
    
    
    $
    542,148
    
    
    $
    (1,037,311
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activitiesDistributions from operating limited
partnerships
    
    
    20,582
    
    
    
    
    
    
    
    11,442Share of (income) loss from operating limited
partnerships
    
    
    (449,258
    )
    
    
    (963,618
    )
    
    
    485,369Impairment loss
    
    
    17,736
    
    
    
    160,877
    
    
    
    280,766Amortization
    
    
    2,060
    
    
    
    20,165
    
    
    
    9,509Changes in assets and liabilitiesAccounts payable and accrued expenses
    
    
    (12,000
    )
    
    
    12,000
    
    
    
    322,928Accounts payable  affiliates
    
    
    (338,149
    )
    
    
    (742,159
    )
    
    
    Other assets
    
    
    
    
    
    
    
    
    
    
    349Net cash provided by (used in)
operating activities
    
    
    (584,718
    )
    
    
    (970,587
    )
    
    
    73,052Cash flows from investing activities(Advances to) repayments from operating limited
partnerships
    
    
    
    
    
    
    
    
    
    
    Proceeds from disposition of operating limited partnerships
    
    
    546,095
    
    
    
    1,760,466
    
    
    
    124,531Net cash provided by (used in) investing
activities
    
    
    546,095
    
    
    
    1,760,466
    
    
    
    124,531Cash flows from financing activitiesDistributions paid to assignees
    
    
    
    
    
    
    (820,590
    )
    
    
    Net cash provided by (used in) financing
activities
    
    
    
    
    
    
    (820,590
    )
    
    
    NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
    
    
    (38,623
    )
    
    
    (30,711
    )
    
    
    197,583Cash and cash equivalents, beginning
    
    
    351,299
    
    
    
    382,010
    
    
    
    184,427Cash and cash equivalents, end
    
    $
    312,676
    
    
    $
    351,299
    
    
    $
    382,010
  F-26




---



##### 



Series 112007
    
    
    2006
    
    
    2005Cash flows from operating activitiesNet loss
    
    $
    (93,536
    )
    
    $
    (1,040,955
    )
    
    $
    (1,335,886
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activitiesDistributions from operating limited
partnerships
    
    
    
    
    
    
    
    
    
    
    36Share of (income) loss from operating limited
partnerships
    
    
    (146,141
    )
    
    
    (553,449
    )
    
    
    515,127Impairment loss
    
    
    301,946
    
    
    
    1,259,406
    
    
    
    473,600Amortization
    
    
    1,515
    
    
    
    2,518
    
    
    
    4,758Changes in assets and liabilitiesAccounts payable and accrued expenses
    
    
    (9,710
    )
    
    
    14,710
    
    
    
    351,428Accounts payable  affiliates
    
    
    (435,167
    )
    
    
    285,638
    
    
    
    Other assets
    
    
    (32,166
    )
    
    
    
    
    
    
    (9,607
    )Net cash provided by (used in)
operating activities
    
    
    (413,259
    )
    
    
    (32,132
    )
    
    
    (544
    )Cash flows from investing activities(Advances to) repayments from operating limited
partnerships
    
    
    
    
    
    
    (50,746
    )
    
    
    (46,122
    )Proceeds from disposition of operating limited
partnerships
    
    
    364,130
    
    
    
    58,693
    
    
    
    Net cash provided by (used in) investing
activities
    
    
    364,130
    
    
    
    7,947
    
    
    
    (46,122
    )Cash flows from financing activitiesDistributions paid to assignees
    
    
    
    
    
    
    
    
    
    
    Net cash provided by (used in) financing
activities
    
    
    
    
    
    
    
    
    
    
    NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
    
    
    (49,129
    )
    
    
    (24,185
    )
    
    
    (46,666
    )Cash and cash equivalents, beginning
    
    
    260,979
    
    
    
    285,164
    
    
    
    331,830Cash and cash equivalents, end
    
    $
    211,850
    
    
    $
    260,979
    
    
    $
    285,164
  F-27




---



##### 



Series 122007
    
    
    2006
    
    
    2005Cash flows from operating activitiesNet income (loss)
    
    $
    685,643
    
    
    $
    (1,020,456
    )
    
    $
    (3,633,704
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activitiesDistributions from operating limited
partnerships
    
    
    7,710
    
    
    
    
    
    
    
    6,753Share of (income) loss from operating limited
partnerships
    
    
    (844,126
    )
    
    
    119,642
    
    
    
    2,743,788Impairment loss
    
    
    12,812
    
    
    
    534,437
    
    
    
    570,893Amortization
    
    
    9,324
    
    
    
    16,897
    
    
    
    75,623Changes in assets and liabilitiesAccounts payable and accrued expenses
    
    
    (19,778
    )
    
    
    23,528
    
    
    
    380,416Accounts payable  affiliates
    
    
    (624,950
    )
    
    
    387,912
    
    
    
    Other assets
    
    
    
    
    
    
    
    
    
    
    Net cash provided by (used in)
operating activities
    
    
    (773,365
    )
    
    
    61,960
    
    
    
    143,769Cash flows from investing activities(Advances to) repayments from operating limited
partnerships
    
    
    
    
    
    
    (117,275
    )
    
    
    13,831Proceeds from disposition of operating limited
partnerships
    
    
    892,008
    
    
    
    106,518
    
    
    
    720,863Net cash provided by (used in) investing
activities
    
    
    892,008
    
    
    
    (10,757
    )
    
    
    734,694Cash flows from financing activitiesDistributions paid to assignees
    
    
    (612,755
    )
    
    
    
    
    
    
    Net cash provided by (used in) financing
activities
    
    
    (612,755
    )
    
    
    
    
    
    
    NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
    
    
    (494,112
    )
    
    
    51,203
    
    
    
    878,463Cash and cash equivalents, beginning
    
    
    996,805
    
    
    
    945,602
    
    
    
    67,139Cash and cash equivalents, end
    
    $
    502,693
    
    
    $
    996,805
    
    
    $
    945,602
  F-28




---



##### 



Series 142007
    
    
    2006
    
    
    2005Cash flows from operating activitiesNet loss
    
    $
    (438,726
    )
    
    $
    (1,417,817
    )
    
    $
    (3,707,380
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activitiesDistributions from operating limited
partnerships
    
    
    13,789
    
    
    
    3,804
    
    
    
    9,264Share of (income) loss from operating limited
partnerships
    
    
    (196,708
    )
    
    
    174,294
    
    
    
    1,096,938Impairment loss
    
    
    
    
    
    
    508,261
    
    
    
    1,744,282Amortization
    
    
    21,506
    
    
    
    33,222
    
    
    
    151,931Changes in assets and liabilitiesAccounts payable and accrued expenses
    
    
    (7,380
    )
    
    
    (1,527
    )
    
    
    487,322Accounts payable  affiliates
    
    
    232,988
    
    
    
    (166,438
    )
    
    
    Other assets
    
    
    
    
    
    
    38,261
    
    
    
    Net cash provided by (used in)
operating activities
    
    
    (374,531
    )
    
    
    (827,940
    )
    
    
    (217,643
    )Cash flows from investing activities(Advances to) repayments from operating limited
partnerships
    
    
    
    
    
    
    180,000
    
    
    
    208,772Proceeds from disposition of operating limited partnerships
    
    
    398,237
    
    
    
    153,407
    
    
    
    1,077,937Net cash provided by (used in) investing
activities
    
    
    398,237
    
    
    
    333,407
    
    
    
    1,286,709Cash flows from financing activitiesDistributions paid to assignees
    
    
    (697,085
    )
    
    
    (161,483
    )
    
    
    Net cash provided by (used in) financing
activities
    
    
    (697,085
    )
    
    
    (161,483
    )
    
    
    NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
    
    
    (673,379
    )
    
    
    (656,016
    )
    
    
    1,069,066Cash and cash equivalents, beginning
    
    
    1,323,238
    
    
    
    1,979,254
    
    
    
    910,188Cash and cash equivalents, end
    
    $
    649,859
    
    
    $
    1,323,238
    
    
    $
    1,979,254
  F-29




---



##### 



NOTE A 
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
    Series 7
    
    
    1,036,100Series 9
    
    
    4,178,029Series 10
    
    
    2,428,925Series 11
    
    
    2,489,599Series 12
    
    
    2,972,795Series 14
    
    
    5,574,290Total
    
    
    18,679,738
 F-30




---



##### 



NOTE A 
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
  Deferred Acquisition Costs
    2007
    
    
    2006Series 7
    
    $
    
    
    
    $
    Series 9
    
    
    17,931
    
    
    
    17,545Series 10
    
    
    62,705
    
    
    
    60,645Series 11
    
    
    24,489
    
    
    
    22,974Series 12
    
    
    221,695
    
    
    
    212,371Series 14
    
    
    469,362
    
    
    
    447,856$
    796,182
    
    
    $
    761,391
  Income Taxes
  F-31




---



##### 



NOTE A 
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Investments in Operating Limited Partnerships
   2007
    
    
    2006
    
    
    2005Series 7
    
    $
    130,176
    
    
    $
    130,176
    
    
    $
    130,176Series 9
    
    
    204,194
    
    
    
    181,894
    
    
    
    175,387Series 10
    
    
    38,979
    
    
    
    38,979
    
    
    
    36,828Series 11
    
    
    295,582
    
    
    
    263,416
    
    
    
    196,933Series 12
    
    
    156,160
    
    
    
    156,160
    
    
    
    91,149Series 14
    
    
    52,498
    
    
    
    52,498
    
    
    
    42,573$
    877,589
    
    
    $
    823,123
    
    
    $
    673,046
  F-32




---



##### 



NOTE A 
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Investments in Operating Limited Partnerships
      F-33




---



##### 



NOTE A 
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Investments in Operating Limited Partnerships
    F-34




---



##### 



NOTE A 
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 Cash Equivalents
   Fiscal Year
  Net Loss per Beneficial Assignee Certificate
  Series 7
    
    
    1,036,100Series 9
    
    
    4,178,029Series 10
    
    
    2,428,925Series 11
    
    
    2,489,599Series 12
    
    
    2,972,795Series 14
    
    
    5,574,290Total
    
    
    18,679,738
 F-35




---



##### 



NOTE A 
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
 Use of Estimates
     F-36




---



##### 



NOTE B 
    
    RELATED PARTY TRANSACTIONS (Continued)
  2007
    
    
    2006
    
    
    2005Series 7
    
    $
    32,286
    
    
    $
    22,118
    
    
    $
    29,644Series 9
    
    
    303,930
    
    
    
    392,223
    
    
    
    372,688Series 10
    
    
    195,739
    
    
    
    187,544
    
    
    
    259,281Series 11
    
    
    171,403
    
    
    
    279,792
    
    
    
    303,312Series 12
    
    
    77,109
    
    
    
    285,474
    
    
    
    183,130Series 14
    
    
    505,401
    
    
    
    584,912
    
    
    
    571,353$
    1,285,868
    
    
    $
    1,752,063
    
    
    $
    1,719,408
  2007
    
    
    2006
    
    
    2005Series 7
    
    $
    7,517
    
    
    $
    10,129
    
    
    $
    8,911Series 9
    
    
    15,453
    
    
    
    20,123
    
    
    
    19,556Series 10
    
    
    12,994
    
    
    
    17,560
    
    
    
    16,204Series 11
    
    
    12,750
    
    
    
    16,709
    
    
    
    14,764Series 12
    
    
    14,939
    
    
    
    19,787
    
    
    
    17,615Series 14
    
    
    30,219
    
    
    
    39,820
    
    
    
    33,768$
    93,872
    
    
    $
    124,128
    
    
    $
    110,818
 F-37




---



##### 



NOTE B 
    
    RELATED PARTY TRANSACTIONS (Continued)
     F-38




---



##### 



NOTE C 
    
    INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
  2007
    
    
    2006Series 7
    
    
    7
    
    
    
    8Series 9
    
    
    38
    
    
    
    40Series 10
    
    
    33
    
    
    
    35Series 11
    
    
    35
    
    
    
    37Series 12
    
    
    37
    
    
    
    48Series 14
    
    
    79
    
    
    
    89229
    
    
    
    257
 F-39




---



##### 



NOTE C 
    
    INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
  Operating
    
    
    Sale of
    
    
    PartnershipPartnership
    
    
    Underlying
    
    
    Proceeds from
    
    
    Gain/(Loss) onInterest Sold
    
    
    Property
    
    
    Disposition
    
    
    DispositionSeries 7
    
    
    
    
    
    
    1
    
    
    $
    36,300
    
    
    $
    363,220Series 9
    
    
    
    
    
    
    2
    
    
    
    12,222
    
    
    
    12,222Series 10
    
    
    
    
    
    
    2
    
    
    
    546,095
    
    
    
    487,978Series 11
    
    
    
    
    
    
    2
    
    
    
    364,130
    
    
    
    364,130Series 12
    
    
    8
    
    
    
    3
    
    
    
    892,008
    
    
    
    874,053Series 14
    
    
    10
    
    
    
    
    
    
    
    398,237
    
    
    
    374,448Total
    
    
    18
    
    
    
    10
    
    
    $
    2,248,992
    
    
    $
    2,476,051
  Operating
    
    
    Sale of
    
    
    PartnershipPartnership
    
    
    Underlying
    
    
    Proceeds from
    
    
    Gain/(Loss) onInterest Sold
    
    
    Property
    
    
    Disposition
    
    
    DispositionSeries 7
    
    
    1
    
    
    
    1
    
    
    $
    1,108,189
    
    
    $
    1,072,418Series 9
    
    
    
    
    
    
    1
    
    
    
    3,764
    
    
    
    3,764Series 10
    
    
    2
    
    
    
    5
    
    
    
    1,760,466
    
    
    
    1,037,658Series 11
    
    
    2
    
    
    
    1
    
    
    
    58,693
    
    
    
    58,693Series 12
    
    
    1
    
    
    
    2
    
    
    
    106,518
    
    
    
    106,518Series 14
    
    
    3
    
    
    
    1
    
    
    
    153,407
    
    
    
    137,507Total
    
    
    9
    
    
    
    11
    
    
    $
    3,191,037
    
    
    $
    2,416,558
 F-40




---



##### 



NOTE C 
    
    INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
  Operating
    
    
    Sale of
    
    
    PartnershipPartnership
    
    
    Underlying
    
    
    Proceeds from
    
    
    Gain/(Loss) onInterest Sold
    
    
    Property
    
    
    Disposition *
    
    
    DispositionSeries 7
    
    
    3
    
    
    
    1
    
    
    $
    343,953
    
    
    $
    343,953Series 9
    
    
    11
    
    
    
    1
    
    
    
    1,668,709
    
    
    
    1,540,806Series 10
    
    
    2
    
    
    
    
    
    
    
    124,531
    
    
    
    (61,815
    )Series 11
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Series 12
    
    
    1
    
    
    
    1
    
    
    
    720,863
    
    
    
    (2,133,567
    )Series 14
    
    
    3
    
    
    
    1
    
    
    
    1,077,937
    
    
    
    (345,417
    )Total
    
    
    20
    
    
    
    4
    
    
    $
    3,935,993
    
    
    $
    (656,040
    )
 
 *
    
    Partnership proceeds from disposition includes $275,660 for Series 9 recorded as
receivable at March 31, 2005  F-41




---



##### 



2007
    
    
    2006Series 7
    
    $
    
    
    
    $
    Series 9
    
    
    
    
    
    
    Series 10
    
    
    
    
    
    
    Series 11
    
    
    22,528
    
    
    
    22,528Series 12
    
    
    11,405
    
    
    
    11,405Series 14
    
    
    202,412
    
    
    
    202,412$
    236,345
    
    
    $
    236,345
 F-42




---



##### 



TotalCapital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters
    
    $
    83,383,560Acquisition costs of operating limited partnerships
    
    $
    9,905,206Cumulative distributions from operating limited partnerships
    
    $
    (665,684
    )Cumulative Impairment loss in investments in operating limited partnerships
    
    $
    (8,628,868
    )Cumulative losses from operating limited partnerships
    
    $
    (81,204,005
    )Investments in operating limited partnerships per balance sheets
    
    
    2,790,211The partnership (has recorded) has not recorded capital contributions to the operating limited partnerships during
the year ended March 31, 2007, which (have not) have been included in the partnerships capital account included
in the operating limited partnerships financial statements as of December 31, 2006 (see note A)
    
    
    (187,532
    )The partnership has recorded acquisition costs at March 31, 2007, which have not been recorded in the net assets of
the operating limited partnerships (see note A)
    
    
    (1,404,005
    )Cumulative losses from operating limited partnerships for the three months ended March 31, 1999, which the
operating limited partnerships have not included in their capital as of December 31, 1998 due to different year ends
(see note A)
    
    
    1,647,148Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A)
    
    
    (45,224,476
    )The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see
note A)
    
    
    717,259Cumulative Impairment loss in investments in operating limited partnerships
    
    
    8,628,867Other
    
    
    1,381,787Equity per operating limited partnerships combined financial statements
    
    $
    (31,650,739
    )
 F-43




---



##### 



Series 7
    
    
    Series 9
    
    
    Series 10Capital contributions paid and to be paid to operating limited
partnerships, net of tax credit adjusters
    
    $
    1,239,337
    
    
    $
    14,833,709
    
    
    $
    9,837,872Acquisition costs of operating limited partnerships
    
    
    195,338
    
    
    
    1,862,141
    
    
    
    1,163,183Cumulative distributions from operating limited partnerships
    
    
    (2,787
    )
    
    
    (29,896
    )
    
    
    (19,203
    )Cumulative Impairment loss in investments in operating limited partnerships
    
    
    (86,382
    )
    
    
    (369,919
    )
    
    
    (534,606
    )Cumulative losses from operating limited partnerships
    
    
    (1,345,506
    )
    
    
    (16,296,035
    )
    
    
    (10,212,448
    )Investments in operating limited partnerships per balance sheets
    
    
    
    
    
    
    
    
    
    
    234,798
 F-44




---



##### 



Series 7
    
    
    Series 9
    
    
    Series 10The partnership (has
recorded) has not
recorded capital
contributions to the
operating limited
partnerships during
the year ended March
31, 2007, which (have
not) have been
included in the
partnerships capital
account included in
the operating limited
partnerships
financial statements
as of December 31,
2006 (see note A)
    
    
    
    
    
    
    
    
    
    
    The partnership has
recorded acquisition
costs at March 31,
2007, which have not
been recorded in the
net assets of the
operating limited
partnerships (see
note A)
    
    
    (5,643
    )
    
    
    (125,427
    )
    
    
    (18,725
    )Cumulative losses
from operating
limited partnerships
for the three months
ended March 31, 1999,
which the operating
limited partnerships
have not included in
their capital as of
December 31, 1998 due
to different year
ends (see note A)
    
    
    
    
    
    
    
    
    
    
    Equity in losses from
operating limited
partnerships not
recognizable under
the equity method of
accounting (see note
A)
    
    
    (1,257,774
    )
    
    
    (12,041,879
    )
    
    
    (5,608,777
    )The partnership has
recorded low-income
housing tax credit
adjusters not
recorded by operating
limited partnerships
(see note A)
    
    
    359
    
    
    
    49,337
    
    
    
    55,709Cumulative Impairment
loss in investments
in operating limited
partnerships
    
    
    86,382
    
    
    
    369,919
    
    
    
    534,606Other
    
    
    33,704
    
    
    
    429,351
    
    
    
    305,289Equity per operating
limited partnerships
combined financial
statements
    
    $
    (1,142,972
    )
    
    $
    (11,318,699
    )
    
    $
    (4,497,100
    )
 F-45




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14Capital contributions paid and to be paid to operating limited
partnerships, net of tax credit adjusters
    
    $
    16,768,503
    
    
    $
    10,065,846
    
    
    $
    30,638,294Acquisition costs of operating limited partnerships
    
    
    1,598,344
    
    
    
    1,222,006
    
    
    
    3,864,194Cumulative distributions from operating limited partnerships
    
    
    (399,870
    )
    
    
    (44,867
    )
    
    
    (169,061
    )Cumulative Impairment loss in investments in operating limited partnerships
    
    
    (3,447,876
    )
    
    
    (1,352,077
    )
    
    
    (2,838,007
    )Cumulative losses from operating limited partnerships
    
    
    (12,950,640
    )
    
    
    (9,821,136
    )
    
    
    (30,578,240
    )Investments in operating limited partnerships per balance sheets
    
    
    1,568,461
    
    
    
    69,772
    
    
    
    917,180
 F-46




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14The partnership (has
recorded) has not
recorded capital
contributions to the
operating limited
partnerships during
the year ended March
31, 2007, which (have
not) have been
included in the
partnerships capital
account included in
the operating limited
partnerships
financial statements
as of December 31,
2006 (see note A)
    
    
    (10,000
    )
    
    
    
    
    
    
    (177,532
    )The partnership has
recorded acquisition
costs at March 31,
2007, which have not
been recorded in the
net assets of the
operating limited
partnerships (see
note A)
    
    
    (277,649
    )
    
    
    (286,566
    )
    
    
    (689,995
    )Cumulative losses
from operating
limited partnerships
for the three months
ended March 31, 1999,
which the operating
limited partnerships
have not included in
their capital as of
December 31, 1998 due
to different year
ends (see note A)
    
    
    
    
    
    
    324,400
    
    
    
    1,322,749Equity in losses from
operating limited
partnerships not
recognizable under
the equity method of
accounting (see note
A)
    
    
    (6,609,039
    )
    
    
    (6,252,903
    )
    
    
    (13,454,103
    )The partnership has
recorded low-income
housing tax credit
adjusters not
recorded by operating
limited partnerships
(see note A)
    
    
    104,214
    
    
    
    192,211
    
    
    
    315,429Cumulative Impairment
loss in investments
in operating limited
partnerships
    
    
    3,447,876
    
    
    
    1,352,077
    
    
    
    2,838,007Other
    
    
    352,437
    
    
    
    160,251
    
    
    
    100,755Equity per operating
limited partnerships
combined financial
statements
    
    $
    (1,423,700
    )
    
    $
    (4,440,758
    )
    
    $
    (8,827,510
    )
 F-47




---



##### 



TotalCapital contributions paid and to be paid to operating limited
partnerships, net of tax credit adjusters
    
    $
    98,795,094Acquisition costs of operating limited partnerships
    
    
    11,234,169Cumulative distributions from operating limited partnerships
    
    
    (840,638
    )Cumulative Impairment loss in investments in operating limited partnerships
    
    
    (8,428,055
    )Cumulative losses from operating limited partnerships
    
    
    (97,063,713
    )Investments in operating limited partnerships per balance sheets
    
    
    3,696,857The partnership (has recorded) has not recorded capital contributions to
the operating limited partnerships during the year ended March 31, 2006,
which (have not) have been included in the partnerships capital account
included in the operating limited partnerships financial statements as of
December 31, 2005 (see note A)
    
    
    (191,814
    )The partnership has recorded acquisition costs at March 31, 2006, which
have not been recorded in the net assets of the operating limited
partnerships (see note A)
    
    
    (1,645,686
    )Cumulative losses from operating limited partnerships for the three months
ended March 31, 1999, which the operating limited partnerships have not
included in their capital as of December 31, 1998 due to different year
ends (see note A)
    
    
    4,403,349Equity in losses from operating limited partnerships not recognizable
under the equity method of accounting (see note A)
    
    
    (46,837,812
    )The partnership has recorded low-income housing tax credit adjusters not
recorded by operating limited partnerships (see note A)
    
    
    730,953Cumulative Impairment loss in investments in operating limited partnerships
    
    
    8,428,055Other
    
    
    (322,538
    )Equity per operating limited partnerships combined financial statements
    
    $
    (31,738,636
    )
 F-48




---



##### 



Series 7
    
    
    Series 9
    
    
    Series 10Capital contributions
paid and to be paid
to operating limited
partnerships, net of
tax credit adjusters
    
    $
    2,502,139
    
    
    $
    16,249,411
    
    
    $
    10,777,762Acquisition costs of
operating limited
partnerships
    
    
    261,304
    
    
    
    1,924,037
    
    
    
    1,280,151Cumulative
distributions from
operating limited
partnerships
    
    
    (16,100
    )
    
    
    (29,896
    )
    
    
    (118,110
    )Cumulative Impairment
loss in investments
in operating limited
partnerships
    
    
    (86,382
    )
    
    
    (555,257
    )
    
    
    (516,870
    )Cumulative losses
from operating
limited partnerships
    
    
    (2,660,961
    )
    
    
    (17,588,295
    )
    
    
    (11,052,980
    )Investments in
operating limited
partnerships per
balance sheets
    
    
    
    
    
    
    
    
    
    
    369,953
 F-49




---



##### 



Series 7
    
    
    Series 9
    
    
    Series 10The partnership (has
recorded) has not
recorded capital
contributions to the
operating limited
partnerships during
the year ended March
31, 2006, which
(have not) have been
included in the
partnerships
capital account
included in the
operating limited
partnerships
financial statements
as of December 31,
2005 (see note A)
    
    
    
    
    
    
    
    
    
    
    The partnership has
recorded acquisition
costs at March 31,
2006, which have not
been recorded in the
net assets of the
operating limited
partnerships (see
note A)
    
    
    (30,620
    )
    
    
    (125,427
    )
    
    
    (19,446
    )Cumulative losses
from operating
limited partnerships
for the three months
ended March 31,
1999, which the
operating limited
partnerships have
not included in
their capital as of
December 31, 1998
due to different
year ends (see note
A)
    
    
    66,154
    
    
    
    596,953
    
    
    
    729,386Equity in losses
from operating
limited partnerships
not recognizable
under the equity
method of accounting
(see note A)
    
    
    (1,284,578
    )
    
    
    (11,059,438
    )
    
    
    (5,361,506
    )The partnership has
recorded low-income
housing tax credit
adjusters not
recorded by
operating limited
partnerships (see
note A)
    
    
    359
    
    
    
    49,377
    
    
    
    55,709Cumulative
Impairment loss in
investments in
operating limited
partnerships
    
    
    86,382
    
    
    
    555,257
    
    
    
    516,870Other
    
    
    (5,596
    )
    
    
    (62,626
    )
    
    
    (313,194
    )Equity per operating
limited
partnerships
combined financial
statements
    
    $
    (1,167,899
    )
    
    $
    (10,045,904
    )
    
    $
    (4,022,228
    )
 F-50




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14Capital
contributions paid
and to be paid to
operating limited
partnerships, net of
tax credit adjusters
    
    $
    18,124,157
    
    
    $
    17,193,212
    
    
    $
    33,948,413Acquisition costs of
operating limited
partnerships
    
    
    1,783,726
    
    
    
    1,938,576
    
    
    
    4,046,375Cumulative
distributions from
operating limited
partnerships
    
    
    (400,620
    )
    
    
    (83,394
    )
    
    
    (192,518
    )Cumulative
Impairment loss in
investments in
operating limited
partnerships
    
    
    (3,094,170
    )
    
    
    (1,314,915
    )
    
    
    (2,860,461
    )Cumulative losses
from operating
limited partnerships
    
    
    (14,356,863
    )
    
    
    (17,595,303
    )
    
    
    (33,809,311
    )Investments in
operating limited
partnerships per
balance sheets
    
    
    2,056,230
    
    
    
    138,176
    
    
    
    1,132,498
 F-51




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14The partnership (has
recorded) has not
recorded capital
contributions to the
operating limited
partnerships during
the year ended March
31, 2006, which
(have not) have been
included in the
partnerships
capital account
included in the
operating limited
partnerships
financial statements
as of December 31,
2005 (see note A)
    
    
    (10,000
    )
    
    
    (4,282
    )
    
    
    (177,532
    )The partnership has
recorded acquisition
costs at March 31,
2006, which have not
been recorded in the
net assets of the
operating limited
partnerships (see
note A)
    
    
    (460,434
    )
    
    
    (312,956
    )
    
    
    (696,803
    )Cumulative losses
from operating
limited partnerships
for the three months
ended March 31,
1999, which the
operating limited
partnerships have
not included in
their capital as of
December 31, 1998
due to different
year ends (see note
A)
    
    
    721,702
    
    
    
    613,706
    
    
    
    1,675,448Equity in losses
from operating
limited partnerships
not recognizable
under the equity
method of accounting
(see note A)
    
    
    (8,153,922
    )
    
    
    (8,060,233
    )
    
    
    (12,918,135
    )The partnership has
recorded low-income
housing tax credit
adjusters not
recorded by
operating limited
partnerships (see
note A)
    
    
    112,536
    
    
    
    192,211
    
    
    
    320,761Cumulative
Impairment loss in
investments in
operating limited
partnerships
    
    
    3,094,170
    
    
    
    1,314,915
    
    
    
    2,860,461Other
    
    
    (64,104
    )
    
    
    119,314
    
    
    
    3,668Equity per operating
limited
partnerships
combined financial
statements
    
    $
    (2,703,822
    )
    
    $
    (5,999,149
    )
    
    $
    (7,799,634
    )
 F-52




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10ASSETSBuildings and
improvements, net of
accumulated depreciation
    
    $
    197,542,798
    
    
    $
    4,013,937
    
    
    $
    36,110,502
    
    
    $
    23,132,872Land
    
    
    18,207,994
    
    
    
    409,614
    
    
    
    3,150,391
    
    
    
    2,143,842Other assets
    
    
    35,029,028
    
    
    
    1,119,496
    
    
    
    5,538,050
    
    
    
    4,440,478$
    250,779,820
    
    
    $
    5,543,047
    
    
    $
    44,798,943
    
    
    $
    29,717,192LIABILITIES AND
PARTNERSCAPITAL
(DEFICIT)Mortgages and
construction loans
payable
    
    $
    257,923,536
    
    
    $
    6,759,842
    
    
    $
    50,593,900
    
    
    $
    32,289,719Accounts payable and
accrued expenses
    
    
    8,524,712
    
    
    $
    53,405
    
    
    
    3,618,353
    
    
    
    402,651Other liabilities
    
    
    15,815,885
    
    
    
    90,218
    
    
    
    3,786,228
    
    
    
    996,081282,264,133
    
    
    
    6,903,465
    
    
    
    57,998,481
    
    
    
    33,688,451PARTNERS CAPITAL
(DEFICIT)Boston
Capital Tax
Credit Fund
II Limited
Partnership
    
    
    (31,650,739
    )
    
    
    (1,142,972
    )
    
    
    (11,318,699
    )
    
    
    (4,497,100
    )Other partners
    
    
    166,426
    
    
    
    (217,446
    )
    
    
    (1,880,839
    )
    
    
    525,841(31,484,313
    )
    
    
    (1,360,418
    )
    
    
    (13,199,538
    )
    
    
    (3,971,259
    )$
    250,779,820
    
    
    $
    5,543,047
    
    
    $
    44,798,943
    
    
    $
    29,717,192
 F-53




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14ASSETSBuildings and improvements, net of
accumulated depreciation
    
    $
    33,960,137
    
    
    $
    26,157,572
    
    
    $
    74,167,778Land
    
    
    2,996,331
    
    
    
    2,381,511
    
    
    
    7,126,305Other assets
    
    
    6,692,352
    
    
    
    5,296,504
    
    
    
    11,942,148$
    43,648,820
    
    
    $
    33,835,587
    
    
    $
    93,236,231LIABILITIES
AND PARTNERS CAPITAL (DEFICIT)Mortgages and construction loans payable
    
    $
    40,439,986
    
    
    $
    35,538,440
    
    
    $
    92,301,649Accounts payable and accrued expenses
    
    
    1,576,145
    
    
    
    561,796
    
    
    
    2,312,362Other liabilities
    
    
    2,327,498
    
    
    
    2,500,884
    
    
    
    6,114,97644,343,629
    
    
    
    38,601,120
    
    
    
    100,728,987PARTNERS
CAPITAL (DEFICIT)Boston Capital Tax Credit
Fund II Limited Partnership
    
    
    (1,423,700
    )
    
    
    (4,440,758
    )
    
    
    (8,827,510
    )Other partners
    
    
    728,891
    
    
    
    (324,775
    )
    
    
    1,334,754(694,809
    )
    
    
    (4,765,533
    )
    
    
    (7,492,756
    )$
    43,648,820
    
    
    $
    33,835,587
    
    
    $
    93,236,231
 F-54




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10ASSETSBuildings and improvements, net
of accumulated depreciation
    
    $
    245,548,612
    
    
    $
    7,583,266
    
    
    $
    43,019,390
    
    
    $
    27,466,933Land
    
    
    22,656,120
    
    
    
    1,000,229
    
    
    
    3,977,064
    
    
    
    2,589,234Other assets
    
    
    38,773,886
    
    
    
    1,456,408
    
    
    
    5,366,573
    
    
    
    4,563,251$
    306,978,618
    
    
    $
    10,039,903
    
    
    $
    52,363,027
    
    
    $
    34,619,418LIABILITIES AND PARTNERS
CAPITAL (DEFICIT)Mortgages and construction
loans payable
    
    $
    307,233,702
    
    
    $
    11,178,587
    
    
    $
    55,821,405
    
    
    $
    36,645,575Accounts payable and accrued
expenses
    
    
    9,288,197
    
    
    
    189,887
    
    
    
    3,563,179
    
    
    
    451,682Other liabilities
    
    
    20,600,083
    
    
    
    247,260
    
    
    
    4,699,853
    
    
    
    1,122,034337,121,982
    
    
    
    11,615,734
    
    
    
    64,084,437
    
    
    
    38,219,291PARTNERS CAPITAL (DEFICIT)Boston Capital Tax Credit
Fund II Limited Partnership
    
    
    (31,738,636
    )
    
    
    (1,167,899
    )
    
    
    (10,045,904
    )
    
    
    (4,022,228
    )Other partners
    
    
    1,595,272
    
    
    
    (407,932
    )
    
    
    (1,675,506
    )
    
    
    422,355(30,143,364
    )
    
    
    (1,575,831
    )
    
    
    (11,721,410
    )
    
    
    (3,599,873
    )$
    306,978,618
    
    
    $
    10,039,903
    
    
    $
    52,363,027
    
    
    $
    34,619,418
 F-55




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14ASSETSBuildings and improvements, net of
accumulated depreciation
    
    $
    38,396,911
    
    
    $
    41,251,298
    
    
    $
    87,830,814Land
    
    
    3,098,516
    
    
    
    3,886,340
    
    
    
    8,104,737Other assets
    
    
    8,808,105
    
    
    
    5,709,001
    
    
    
    12,870,548$
    50,303,532
    
    
    $
    50,846,639
    
    
    $
    108,806,099LIABILITIES AND PARTNERS CAPITAL (DEFICIT)Mortgages and construction loans payable
    
    $
    46,330,496
    
    
    $
    51,949,292
    
    
    $
    105,308,347Accounts payable and accrued expenses
    
    
    2,308,795
    
    
    
    975,091
    
    
    
    1,799,563Other liabilities
    
    
    3,306,687
    
    
    
    4,094,944
    
    
    
    7,129,30551,945,978
    
    
    
    57,019,327
    
    
    
    114,237,215PARTNERS CAPITAL (DEFICIT)Boston Capital Tax Credit Fund II Limited
Partnership
    
    
    (2,703,822
    )
    
    
    (5,999,149
    )
    
    
    (7,799,634
    )Other partners
    
    
    1,061,376
    
    
    
    (173,539
    )
    
    
    2,368,518(1,642,446
    )
    
    
    (6,172,688
    )
    
    
    (5,431,116
    )$
    50,303,532
    
    
    $
    50,846,639
    
    
    $
    108,806,099
 F-56




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10RevenueRental
    
    $
    46,983,307
    
    
    $
    976,686
    
    
    $
    8,017,404
    
    
    $
    5,391,252Interest and other
    
    
    1,647,687
    
    
    
    50,303
    
    
    
    344,649
    
    
    
    215,30148,630,994
    
    
    
    1,026,989
    
    
    
    8,362,053
    
    
    
    5,606,553ExpensesInterest
    
    
    9,805,253
    
    
    
    148,289
    
    
    
    1,774,480
    
    
    
    1,091,445Depreciation and amortization
    
    
    13,171,504
    
    
    
    300,643
    
    
    
    2,280,855
    
    
    
    1,583,769Taxes and insurance
    
    
    6,995,231
    
    
    
    143,269
    
    
    
    1,312,354
    
    
    
    796,996Repairs and maintenance
    
    
    9,885,074
    
    
    
    209,892
    
    
    
    1,780,237
    
    
    
    1,178,898Operating expenses
    
    
    16,168,812
    
    
    
    347,183
    
    
    
    2,611,676
    
    
    
    1,761,621Other expenses
    
    
    2,292,727
    
    
    
    28,998
    
    
    
    659,819
    
    
    
    93,98458,318,601
    
    
    
    1,178,274
    
    
    
    10,419,421
    
    
    
    6,506,713NET LOSS
    
    $
    (9,687,607
    )
    
    $
    (151,285
    )
    
    $
    (2,057,368
    )
    
    $
    (900,160
    )Net loss allocated to BostonCapital Tax Credit Fund II
Limited Partnership*
    
    $
    (6,947,562
    )
    
    $
    (136,309
    )
    
    $
    (1,642,836
    )
    
    $
    (766,987
    )Net loss allocated to other
partners
    
    $
    (2,740,045
    )
    
    $
    (14,976
    )
    
    $
    (414,532
    )
    
    $
    (133,173
    )
 
 *
    
    Amounts include $136,309, $1,620,536, $766,987, $1,052,917, $853,035
and $2,463,312 for Series 7, Series 9, Series 10, Series 11, Series 12
and Series 14, respectively, of loss not recognized under the equity
method of accounting as described in note A. F-57




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14RevenueRental
    
    $
    7,875,460
    
    
    $
    8,257,180
    
    
    $
    16,465,325Interest and other
    
    
    360,599
    
    
    
    206,857
    
    
    
    469,9788,236,059
    
    
    
    8,464,037
    
    
    
    16,935,303ExpensesInterest
    
    
    1,633,573
    
    
    
    1,838,483
    
    
    
    3,318,983Depreciation and amortization
    
    
    2,379,682
    
    
    
    2,293,265
    
    
    
    4,333,290Taxes and insurance
    
    
    1,188,110
    
    
    
    1,219,700
    
    
    
    2,334,802Repairs and maintenance
    
    
    1,643,210
    
    
    
    1,612,924
    
    
    
    3,459,913Operating expenses
    
    
    2,702,883
    
    
    
    2,928,382
    
    
    
    5,817,067Other expenses
    
    
    162,837
    
    
    
    141,881
    
    
    
    1,205,2089,710,295
    
    
    
    10,034,635
    
    
    
    20,469,263NET LOSS
    
    $
    (1,474,236
    )
    
    $
    (1,570,598
    )
    
    $
    (3,533,960
    )Net loss allocated to BostonCapital Tax Credit Fund II
Limited Partnership*
    
    $
    (1,085,083
    )
    
    $
    (853,035
    )
    
    $
    (2,463,312
    )Net loss allocated to other partners
    
    $
    (389,153
    )
    
    $
    (717,563
    )
    
    $
    (1,070,648
    )
 
 *
    
    Amounts include $136,309, $1,620,536, $766,987, $1,052,917, $853,035 and $2,463,312 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A. F-58




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10RevenueRental
    
    $
    51,843,928
    
    
    $
    2,104,833
    
    
    $
    8,784,729
    
    
    $
    6,055,232Interest and other
    
    
    4,114,939
    
    
    
    90,612
    
    
    
    286,418
    
    
    
    199,10055,958,867
    
    
    
    2,195,445
    
    
    
    9,071,147
    
    
    
    6,254,332ExpensesInterest
    
    
    12,098,238
    
    
    
    677,669
    
    
    
    2,131,277
    
    
    
    1,315,569Depreciation and amortization
    
    
    15,322,039
    
    
    
    651,378
    
    
    
    2,682,981
    
    
    
    1,816,161Taxes and insurance
    
    
    7,849,990
    
    
    
    354,386
    
    
    
    1,474,788
    
    
    
    889,902Repairs and maintenance
    
    
    10,613,586
    
    
    
    401,822
    
    
    
    1,809,174
    
    
    
    1,288,201Operating expenses
    
    
    17,083,476
    
    
    
    788,986
    
    
    
    2,793,628
    
    
    
    1,825,880Other expenses
    
    
    1,771,070
    
    
    
    22,476
    
    
    
    129,570
    
    
    
    85,26764,738,399
    
    
    
    2,896,717
    
    
    
    11,021,418
    
    
    
    7,220,980NET LOSS
    
    $
    (8,779,532
    )
    
    $
    (701,272
    )
    
    $
    (1,950,271
    )
    
    $
    (966,648
    )Net loss allocated to BostonCapital Tax Credit Fund II
Limited Partnership*
    
    $
    (7,087,029
    )
    
    $
    (253,665
    )
    
    $
    (1,455,754
    )
    
    $
    (812,736
    )Net loss allocated to other partners
    
    $
    (1,692,503
    )
    
    $
    (447,607
    )
    
    $
    (494,517
    )
    
    $
    (153,912
    )
 
 *
    
    Amounts include $253,665, $1,455,754, $680,847, $1,180,590, $1,256,111
and $2,165,170 for Series 7, Series 9, Series 10, Series 11, Series 12
and Series 14, respectively, of loss not recognized under the equity
method of accounting as described in note A. F-59




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14RevenueRental
    
    $
    8,289,477
    
    
    $
    8,874,149
    
    
    $
    17,735,508Interest and other
    
    
    2,531,392
    
    
    
    470,390
    
    
    
    537,02710,820,869
    
    
    
    9,344,539
    
    
    
    18,272,535ExpensesInterest
    
    
    1,880,877
    
    
    
    2,058,885
    
    
    
    4,033,961Depreciation and amortization
    
    
    2,589,975
    
    
    
    2,653,054
    
    
    
    4,928,490Taxes and insurance
    
    
    1,273,256
    
    
    
    1,363,185
    
    
    
    2,494,473Repairs and maintenance
    
    
    1,605,403
    
    
    
    1,850,622
    
    
    
    3,658,364Operating expenses
    
    
    2,637,116
    
    
    
    2,904,855
    
    
    
    6,133,011Other expenses
    
    
    471,142
    
    
    
    274,826
    
    
    
    787,78910,457,769
    
    
    
    11,105,427
    
    
    
    22,036,088NET INCOME
(LOSS)
    
    $
    363,100
    
    
    $
    (1,760,888
    )
    
    $
    (3,763,553
    )Net income
(loss) allocated to BostonCapital Tax Credit Fund II
Limited Partnership*
    
    $
    (619,351
    )
    
    $
    (1,429,224
    )
    
    $
    (2,516,299
    )Net income
(loss) allocated to other partners
    
    $
    982,451
    
    
    $
    (331,664
    )
    
    $
    (1,247,254
    )
 
 *
    
    Amounts include $253,665, $1,455,754, $680,847, $1,180,590, $1,256,111
and $2,165,170 for Series 7, Series 9, Series 10, Series 11, Series 12
and Series 14, respectively, of loss not recognized under the equity
method of accounting as described in note A. F-60




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10RevenueRental
    
    $
    54,819,129
    
    
    $
    2,478,271
    
    
    $
    8,707,566
    
    
    $
    8,013,539Interest and other
    
    
    2,083,279
    
    
    
    84,917
    
    
    
    273,605
    
    
    
    213,76356,902,408
    
    
    
    2,563,188
    
    
    
    8,981,171
    
    
    
    8,227,302ExpensesInterest
    
    
    13,299,374
    
    
    
    772,877
    
    
    
    2,259,775
    
    
    
    1,917,100Depreciation and amortization
    
    
    16,684,728
    
    
    
    761,678
    
    
    
    2,766,775
    
    
    
    2,424,052Taxes and insurance
    
    
    8,488,798
    
    
    
    356,042
    
    
    
    1,478,432
    
    
    
    1,215,228Repairs and maintenance
    
    
    10,773,165
    
    
    
    443,169
    
    
    
    1,706,438
    
    
    
    1,671,723Operating expenses
    
    
    17,671,607
    
    
    
    717,941
    
    
    
    2,829,863
    
    
    
    2,586,522Other expenses
    
    
    2,417,365
    
    
    
    34,459
    
    
    
    127,075
    
    
    
    37,86269,335,037
    
    
    
    3,086,166
    
    
    
    11,168,358
    
    
    
    9,852,487NET LOSS
    
    $
    (12,432,629
    )
    
    $
    (522,978
    )
    
    $
    (2,187,187
    )
    
    $
    (1,625,185
    )Net loss allocated to BostonCapital Tax Credit Fund II
Limited Partnership*
    
    $
    (9,946,732
    )
    
    $
    (311,469
    )
    
    $
    (1,656,702
    )
    
    $
    (1,324,670
    )Net loss allocated to other partners
    
    $
    (2,485,897
    )
    
    $
    (211,509
    )
    
    $
    (530,485
    )
    
    $
    (300,515
    )
 
 *
    
    Amounts include $292,537, $1,401,957, $901,116, $1,762,715, $1,136,202
and $2,004,879 for Series 7, Series 9, Series 10, Series 11, Series 12
and Series 14, respectively, of loss not recognized under the equity
method of accounting as described in note A. F-61




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14RevenueRental
    
    $
    8,291,830
    
    
    $
    9,296,690
    
    
    $
    18,031,233Interest and other
    
    
    546,448
    
    
    
    359,700
    
    
    
    604,8468,838,278
    
    
    
    9,656,390
    
    
    
    18,636,079ExpensesInterest
    
    
    1,987,650
    
    
    
    2,174,953
    
    
    
    4,187,019Depreciation and amortization
    
    
    2,736,035
    
    
    
    2,821,757
    
    
    
    5,174,431Taxes and insurance
    
    
    1,339,696
    
    
    
    1,470,468
    
    
    
    2,628,932Repairs and maintenance
    
    
    1,613,610
    
    
    
    1,794,973
    
    
    
    3,543,252Operating expenses
    
    
    2,857,368
    
    
    
    3,185,293
    
    
    
    5,494,620Other expenses
    
    
    1,028,317
    
    
    
    362,345
    
    
    
    827,30711,562,676
    
    
    
    11,809,789
    
    
    
    21,855,561NET LOSS
    
    $
    (2,724,398
    )
    
    $
    (2,153,399
    )
    
    $
    (3,219,482
    )Net loss allocated to BostonCapital Tax Credit Fund II
Limited Partnership*
    
    $
    (2,151,068
    )
    
    $
    (1,746,423
    )
    
    $
    (2,756,400
    )Net income (loss) allocated to other partners
    
    $
    (573,330
    )
    
    $
    (406,976
    )
    
    $
    (463,082
    )
 
 *
    
    Amounts include $292,537, $1,401,957, $901,116, $1,762,715, $1,136,202
and $2,004,879 for Series 7, Series 9, Series 10, Series 11, Series 12
and Series 14, respectively, of loss not recognized under the equity
method of accounting as described in note A. F-62




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10Net income
(loss) for
financial reporting
purposes, March 31,
2007
    
    $
    249,260
    
    
    $
    304,895
    
    
    $
    (383,327
    )
    
    $
    174,311Operating limited
partnership rents
received in advance
    
    
    4,011
    
    
    
    
    
    
    
    (1,340
    )
    
    
    505Accrued partnership
management fees not
recognized for tax
purposes
    
    
    (2,526,882
    )
    
    
    (723,869
    )
    
    
    325,551
    
    
    
    (1,397,441
    )Other
    
    
    807,831
    
    
    
    (189,343
    )
    
    
    554,034
    
    
    
    16,548Operating limited
partnership loss
not allowed for
financial reporting
under equity method
of accounting
    
    
    (6,947,562
    )
    
    
    (136,309
    )
    
    
    (1,642,836
    )
    
    
    (766,987
    )Impairment loss in
investment in
operating limited
partnership
    
    
    332,494
    
    
    
    
    
    
    
    
    
    
    
    17,736Excess of tax
depreciation over
book depreciation
on operating
limited partnership
assets
    
    
    (1,580,928
    )
    
    
    (37,143
    )
    
    
    (294,096
    )
    
    
    (160,449
    )Difference due to
fiscal year for
book purposes and
calendar year for
tax purposes
    
    
    12,883,237
    
    
    
    3,150,098
    
    
    
    347,000
    
    
    
    2,710,501Income (loss) for tax return
purposes, December
31, 2006
    
    $
    3,221,461
    
    
    $
    2,368,329
    
    
    $
    (1,095,014
    )
    
    $
    594,724
 F-63




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14Net income
(loss) for financial
reporting purposes,
March 31, 2007
    
    $
    (93,536
    )
    
    $
    685,643
    
    
    $
    (438,726
    )Operating limited
partnership rents
received in advance
    
    
    (323
    )
    
    
    
    
    
    
    5,169Accrued partnership
management fees not
recognized for tax
purposes
    
    
    (457,733
    )
    
    
    (517,190
    )
    
    
    243,800Other
    
    
    416,804
    
    
    
    (481,152
    )
    
    
    490,940Operating limited
partnership loss not
allowed for financial
reporting under equity
method of accounting
    
    
    (1,085,083
    )
    
    
    (853,035
    )
    
    
    (2,463,312
    )Impairment loss in
investment in
operating limited
partnership
    
    
    301,946
    
    
    
    12,812
    
    
    
    Excess of tax
depreciation over book
depreciation on
operating limited
partnership assets
    
    
    (279,121
    )
    
    
    (241,397
    )
    
    
    (568,722
    )Difference due to
fiscal year for book
purposes and calendar
year for tax purposes
    
    
    3,250,347
    
    
    
    3,142,854
    
    
    
    282,437Income (loss) for tax return
purposes, December 31,
2006
    
    $
    2,053,301
    
    
    $
    1,748,535
    
    
    $
    (2,448,414
    )
 F-64




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10Net income
(loss) for
financial reporting
purposes, March 31,
2006
    
    $
    (2,205,558
    )
    
    $
    1,021,377
    
    
    $
    (289,855
    )
    
    $
    542,148Operating limited
partnership rents
received in advance
    
    
    (7,188
    )
    
    
    
    
    
    
    3,875
    
    
    
    Accrued partnership
management fees not
recognized for tax
purposes
    
    
    (908,798
    )
    
    
    (139,493
    )
    
    
    (226,440
    )
    
    
    (802,169
    )Other
    
    
    1,870,538
    
    
    
    (1,781,731
    )
    
    
    4,273,868
    
    
    
    1,250,658Operating limited
partnership loss
not allowed for
financial reporting
under equity method
of accounting
    
    
    (6,992,137
    )
    
    
    (253,665
    )
    
    
    (1,455,754
    )
    
    
    (680,847
    )Impairment loss in
investment in
operating limited
partnership
    
    
    2,402,030
    
    
    
    
    
    
    
    
    
    
    
    160,877Excess of tax
depreciation over
book depreciation
on operating
limited partnership
assets
    
    
    (1,804,542
    )
    
    
    (22,521
    )
    
    
    (370,521
    )
    
    
    (177,685
    )Difference due to
fiscal year for
book purposes and
calendar year for
tax purposes
    
    
    (2,590,188
    )
    
    
    (1,230,526
    )
    
    
    (501,070
    )
    
    
    (591,169
    )Income (loss) for tax return
purposes, December
31, 2005
    
    $
    (10,235,843
    )
    
    $
    (2,406,559
    )
    
    $
    1,434,103
    
    
    $
    (298,187
    )
 F-65




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14Net loss for
financial reporting
purposes, March 31,
2006
    
    $
    (1,040,955
    )
    
    $
    (1,020,456
    )
    
    $
    (1,417,817
    )Operating limited
partnership rents
received in advance
    
    
    (4,363
    )
    
    
    1,375
    
    
    
    (8,075
    )Accrued partnership
management fees not
recognized for tax
purposes
    
    
    249,892
    
    
    
    235,916
    
    
    
    (226,504
    )Other
    
    
    (543,046
    )
    
    
    (1,089,347
    )
    
    
    (239,864
    )Operating limited
partnership loss not
allowed for
financial reporting
under equity method
of accounting
    
    
    (1,180,590
    )
    
    
    (1,256,111
    )
    
    
    (2,165,170
    )Impairment loss in
investment in
operating limited
partnership
    
    
    1,259,406
    
    
    
    473,486
    
    
    
    508,261Excess of tax
depreciation over
book depreciation on
operating limited
partnership assets
    
    
    (212,804
    )
    
    
    (329,727
    )
    
    
    (691,284
    )Difference due to
fiscal year for book
purposes and
calendar year for
tax purposes
    
    
    (123,067
    )
    
    
    82,576
    
    
    
    (226,932
    )Loss for tax return
purposes, December
31, 2005
    
    $
    (1,595,527
    )
    
    $
    (2,902,288
    )
    
    $
    (4,467,385
    )
 F-66




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10Net income
(loss) for
financial reporting
purposes, March 31,
2005
    
    $
    (8,585,285
    )
    
    $
    270,304
    
    
    $
    858,692
    
    
    $
    (1,037,311
    )Operating limited
partnership rents
received in advance
    
    
    (15,909
    )
    
    
    
    
    
    
    (13,610
    )
    
    
    (4,690
    )Accrued partnership
management fees not
recognized for tax
purposes
    
    
    1,287,716
    
    
    
    (71,529
    )
    
    
    (129,598
    )
    
    
    322,926Other
    
    
    411,842
    
    
    
    (81,373
    )
    
    
    (12,649
    )
    
    
    (16,916
    )Operating limited
partnership loss
not allowed for
financial reporting
under equity method
of accounting
    
    
    (7,605,989
    )
    
    
    (292,536
    )
    
    
    (1,508,541
    )
    
    
    (901,116
    )Impairment loss in
investment in
operating limited
partnership
    
    
    3,069,541
    
    
    
    
    
    
    
    
    
    
    
    280,766Excess of tax
depreciation over
book depreciation
on operating
limited partnership
assets
    
    
    (1,783,080
    )
    
    
    (28,589
    )
    
    
    (362,258
    )
    
    
    (196,035
    )Difference due to
fiscal year for
book purposes and
calendar year for
tax purposes
    
    
    256,456
    
    
    
    (35,585
    )
    
    
    (1,924,983
    )
    
    
    89,558Income (loss) for tax return
purposes, December
31, 2004
    
    $
    (12,964,708
    )
    
    $
    (239,308
    )
    
    $
    (3,092,947
    )
    
    $
    (1,462,818
    )
 F-67




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14Net income
(loss) for
financial reporting
purposes, March 31,
2005
    
    $
    (1,335,886
    )
    
    $
    (3,633,704
    )
    
    $
    (3,707,380
    )Operating limited
partnership rents
received in advance
    
    
    (2,676
    )
    
    
    (6,318
    )
    
    
    11,385Accrued partnership
management fees not
recognized for tax
purposes
    
    
    325,680
    
    
    
    360,440
    
    
    
    479,797Other
    
    
    644,500
    
    
    
    (300,101
    )
    
    
    178,381Operating limited
partnership loss not
allowed for
financial reporting
under equity method
of accounting
    
    
    (1,762,715
    )
    
    
    (1,136,202
    )
    
    
    (2,004,879
    )Impairment loss in
investment in
operating limited
partnership
    
    
    473,600
    
    
    
    570,893
    
    
    
    1,744,282Excess of tax
depreciation over
book depreciation on
operating limited
partnership assets
    
    
    (272,878
    )
    
    
    (249,926
    )
    
    
    (673,394
    )Difference due to
fiscal year for book
purposes and
calendar year for
tax purposes
    
    
    125,979
    
    
    
    1,986,454
    
    
    
    15,033Income (loss) for tax return
purposes, December
31, 2004
    
    $
    (1,804,396
    )
    
    $
    (2,408,464
    )
    
    $
    (3,956,775
    )
 F-68




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10Investments in
operating limited
partnerships  tax
return December 31,
2006
    
    $
    (53,895,465
    )
    
    $
    (1,713,373
    )
    
    $
    (14,732,068
    )
    
    $
    (6,357,811
    )Add back losses not
recognized under
the equity method
    
    
    45,224,475
    
    
    
    1,257,774
    
    
    
    12,041,879
    
    
    
    5,608,777Historic tax credits
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Impairment loss in
investments in
operating limited
partnerships
    
    
    (8,628,867
    )
    
    
    (86,382
    )
    
    
    (369,919
    )
    
    
    (534,606
    )Less share of loss
- three months
ended March 31,
2007
    
    
    (4,270,438
    )
    
    
    (66,154
    )
    
    
    (596,953
    )
    
    
    (729,386
    )Impairment loss not
recognized for tax
purposes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    24,360,506
    
    
    
    608,135
    
    
    
    3,657,061
    
    
    
    2,247,824Investments in
operating limited
partnerships  as
reported, March 31,
2007
    
    $
    2,790,211
    
    
    $
    
    
    
    $
    
    
    
    $
    234,798
 F-69




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14Investments in
operating limited
partnerships  tax
return December 31,
2006
    
    $
    (5,024,337
    )
    
    $
    (8,524,574
    )
    
    $
    (17,543,302
    )Add back losses not
recognized under
the equity method
    
    
    6,609,039
    
    
    
    6,252,903
    
    
    
    13,454,103Historic tax credits
    
    
    
    
    
    
    
    
    
    
    Impairment loss in
investments in
operating limited
partnerships
    
    
    (3,447,876
    )
    
    
    (1,352,077
    )
    
    
    (2,838,007
    )Less share of loss
- three months
ended March 31,
2007
    
    
    (721,702
    )
    
    
    (563,710
    )
    
    
    (1,592,533
    )Impairment loss not
recognized for tax
purposes
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    4,153,337
    
    
    
    4,257,230
    
    
    
    9,436,919Investments in
operating limited
partnerships  as
reported, March 31,
2007
    
    $
    1,568,461
    
    
    $
    69,772
    
    
    $
    917,180
 F-70




---



##### 



Total
    
    
    Series 7
    
    
    Series 9
    
    
    Series 10Investments in
operating limited
partnerships  tax
return December 31,
2005
    
    $
    (56,513,236
    )
    
    $
    (3,649,753
    )
    
    $
    (13,731,600
    )
    
    $
    (6,866,640
    )Add back losses not
recognized under
the equity method
    
    
    46,837,812
    
    
    
    1,284,578
    
    
    
    11,059,438
    
    
    
    5,361,506Historic tax credits
    
    
    2,211,207
    
    
    
    
    
    
    
    
    
    
    
    Impairment loss in
investments in
operating limited
partnerships
    
    
    (8,428,055
    )
    
    
    (86,382
    )
    
    
    (555,257
    )
    
    
    (516,870
    )Less share of loss
- three months
ended March 31,
2006
    
    
    (4,403,349
    )
    
    
    (66,154
    )
    
    
    (596,953
    )
    
    
    (729,386
    )Impairment loss not
recognized for tax
purposes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    23,992,478
    
    
    
    2,517,711
    
    
    
    3,824,372
    
    
    
    3,121,343Investments in
operating limited
partnerships  as
reported, March 31,
2006
    
    $
    3,696,857
    
    
    $
    
    
    
    $
    
    
    
    $
    369,953
 F-71




---



##### 



Series 11
    
    
    Series 12
    
    
    Series 14Investments in
operating limited
partnerships  tax
return December 31,
2005
    
    $
    (6,596,295
    )
    
    $
    (10,201,183
    )
    
    $
    (15,467,765
    )Add back losses not
recognized under
the equity method
    
    
    8,153,922
    
    
    
    8,060,233
    
    
    
    12,918,135Historic tax credits
    
    
    1,281,688
    
    
    
    
    
    
    
    929,519Impairment loss in
investments in
operating limited
partnerships
    
    
    (3,094,170
    )
    
    
    (1,314,915
    )
    
    
    (2,860,461
    )Less share of loss
- three months
ended March 31,
2006
    
    
    (721,702
    )
    
    
    (613,706
    )
    
    
    (1,675,448
    )Impairment loss not
recognized for tax
purposes
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    3,032,787
    
    
    
    4,207,747
    
    
    
    7,288,518Investments in
operating limited
partnerships  as
reported, March 31,
2006
    
    $
    2,056,230
    
    
    $
    138,176
    
    
    $
    1,132,498
 F-72




---



##### 



F-73




---



##### 



First
    
    Second
    
    Third
    
    FourthQuarter
    
    Quarter
    
    Quarter
    
    Quarter2007Total revenue
    
    $
    9,282
    
    
    $
    307,983
    
    
    $
    39,017
    
    
    $
    29,298Income (Loss) from
operations
    
    
    (465,227
    )
    
    
    (219,078
    )
    
    
    (385,747
    )
    
    
    (670,063
    )Share of Income
(losses) from
Operating
Limited
Partnerships
    
    
    (230,573
    )
    
    
    (86,798
    )
    
    
    662,025
    
    
    
    1,644,721Net Income (losses)
    
    
    (695,800
    )
    
    
    (305,876
    )
    
    
    276,278
    
    
    
    974,658Net income (loss)
per BAC
    
    
    (0.04
    )
    
    
    (0.02
    )
    
    
    0.01
    
    
    
    0.052006Total revenue
    
    $
    11,805
    
    
    $
    23,394
    
    
    $
    6,810
    
    
    $
    6,054Loss from operations
    
    
    (583,839
    )
    
    
    (724,310
    )
    
    
    (608,938
    )
    
    
    (2,746,072
    )Share of Income
(losses) from
Operating
Limited
Partnerships
    
    
    127,604
    
    
    
    612,334
    
    
    
    (276,469
    )
    
    
    1,994,132Net loss
    
    
    (456,235
    )
    
    
    (111,976
    )
    
    
    (885,407
    )
    
    
    (751,940
    )Net loss per BAC
    
    
    (0.02
    )
    
    
    (0.01
    )
    
    
    (0.05
    )
    
    
    (0.04
    )2005Total revenue
    
    $
    4,678
    
    
    $
    5,355
    
    
    $
    14,030
    
    
    $
    46,299Loss from operations
    
    
    (604,367
    )
    
    
    (737,220
    )
    
    
    (537,594
    )
    
    
    (3,475,965
    )Share of Income
(losses) from
Operating
Limited
Partnerships
    
    
    (794,402
    )
    
    
    (916,478
    )
    
    
    (695,367
    )
    
    
    (823,892
    )Net loss
    
    
    (1,398,769
    )
    
    
    (1,653,698
    )
    
    
    (1,232,961
    )
    
    
    (4,299,857
    )Net loss per BAC
    
    
    (0.07
    )
    
    
    (0.09
    )
    
    
    (0.07
    )
    
    
    (0.23
    )
 F-74




---



##### 



Cost capitalized
    
    Gross amount atsubsequent to
    
    which carried atInitial cost to company
    
    acquisition
    
    close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    Improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedBRIARWOOD APTS LP
    
    
    604,662
    
    
    
    44,500
    
    
    
    747,246
    
    
    
    108,745
    
    
    
    55,538
    
    
    
    855,991
    
    
    
    911,529
    
    
    
    537,576
    
    
    Dec-89
    
    Dec-89
    
    
    5-27.5CREEKSIDE
    
    
    1,240,271
    
    
    
    89,016
    
    
    
    1,290,616
    
    
    
    299,102
    
    
    
    89,016
    
    
    
    1,589,718
    
    
    
    1,678,734
    
    
    
    451,751
    
    
    Sep-89
    
    Jun-89
    
    
    5-27.5DEER HILL II LP
    
    
    1,431,974
    
    
    
    103,000
    
    
    
    1,424,556
    
    
    
    339,955
    
    
    
    103,000
    
    
    
    1,764,511
    
    
    
    1,867,511
    
    
    
    1,127,212
    
    
    May-89
    
    Feb-90
    
    
    5-27.5LEBANON PROP II LP
    
    
    558,018
    
    
    
    3,000
    
    
    
    730,187
    
    
    
    116,515
    
    
    
    3,000
    
    
    
    846,702
    
    
    
    849,702
    
    
    
    502,640
    
    
    Jul-89
    
    Dec-89
    
    
    5-27.5OAK GROVE
EST. LP
    
    
    469,555
    
    
    
    15,200
    
    
    
    597,465
    
    
    
    26,163
    
    
    
    15,200
    
    
    
    623,628
    
    
    
    638,828
    
    
    
    406,985
    
    
    Sep-89
    
    Dec-89
    
    
    27.5OAKVIEW LTD
    
    
    1,092,000
    
    
    
    35,280
    
    
    
    1,375,820
    
    
    
    132,759
    
    
    
    35,280
    
    
    
    1,508,579
    
    
    
    1,543,859
    
    
    
    734,519
    
    
    Oct-89
    
    Dec-89
    
    
    40WESTWOOD
    
    
    1,363,362
    
    
    
    96,600
    
    
    
    1,355,174
    
    
    
    403,539
    
    
    
    108,580
    
    
    
    1,758,713
    
    
    
    1,867,293
    
    
    
    1,173,222
    
    
    Jul-90
    
    Jul-90
    
    
    5-27.56,759,842
    
    
    
    386,596
    
    
    
    7,521,064
    
    
    
    1,426,778
    
    
    
    409,614
    
    
    
    8,947,842
    
    
    
    9,357,456
    
    
    
    4,933,905
  
 **
    
    There were no carrying costs as of December 31, 2006. The column has been omitted for
presentation purposes. F-75




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    41,816,362Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    1,735,711Other
    
    
    0$
    1,735,711Deductions during period:Cost of real estate sold
    
    $
    0Other*
    
    
    0$
    0Balance at close of period  3/31/93
    
    
    
    
    
    $
    43,552,073Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    147,543Other
    
    
    0$
    147,543Deductions during period:Cost of real estate sold
    
    $
    0Other*
    
    
    0$
    0Balance at close of period  3/31/94
    
    
    
    
    
    $
    43,699,616Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    58,462Other
    
    
    0$
    58,462Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (261,992
    )$
    (261,992
    )Balance at close of period  3/31/95
    
    
    
    
    
    $
    43,496,086
 F-76




---



##### 



Balance at close of period  3/31/95
    
    
    
    
    
    $
    43,496,086Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    26,794Other
    
    
    0$
    26,794Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/96
    
    
    
    
    
    $
    43,522,880Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    0Other
    
    
    0$
    0Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (12,480,477
    )$
    (12,480,477
    )Balance at close of period  3/31/97
    
    
    
    
    
    $
    31,042,403Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    44,376Other
    
    
    0$
    44,376Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/98
    
    
    
    
    
    $
    31,086,779
 F-77




---



##### 



Balance at close of period  3/31/98
    
    
    
    
    
    $
    31,086,779Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    56,791Other
    
    
    0$
    56,791Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (1,070,393
    )$
    (1,070,393
    )Balance at close of period  3/31/99
    
    
    
    
    
    $
    30,073,177Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    56,415Other
    
    
    0$
    56,415Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/00
    
    
    
    
    
    $
    30,129,592Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    976,119Other
    
    
    0$
    976,119Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/01
    
    
    
    
    
    $
    31,105,711
 F-78




---



##### 



Balance at close of period  3/31/01
    
    
    
    
    
    $
    31,105,711Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    323,443Other
    
    
    0$
    323,443Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/02
    
    
    
    
    
    $
    31,429,154Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    53,123Other
    
    
    0$
    53,123Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/03
    
    
    
    
    
    $
    31,482,277Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    137,814Other
    
    
    0$
    137,814Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/04
    
    
    
    
    
    $
    31,620,091
 F-79




---



##### 



Balance at close of period  3/31/04
    
    
    
    
    
    $
    31,620,091Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    52,678Other
    
    
    0$
    52,678Deductions during period:Cost of real estate sold
    
    $
    (9,313,591
    )Other
    
    
    0$
    (9,313,591
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    22,359,178Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    252,163Other
    
    
    0$
    252,163Deductions during period:Cost of real estate sold
    
    $
    (5,595,608
    )Other
    
    
    0$
    (5,595,608
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    17,015,733Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    43,724Other
    
    
    0$
    43,724Deductions during period:Cost of real estate sold
    
    $
    (7,702,001
    )Other
    
    
    0$
    (7,702,001
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    9,357,456
 F-80




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    2,312,199Current year expense
    
    $
    1,360,178Balance at close of period  3/31/93
    
    
    
    
    
    $
    3,672,377Current year expense
    
    $
    1,436,830Balance at close of period  3/31/94
    
    
    
    
    
    $
    5,109,207Current year expense
    
    $
    1,391,094Balance at close of period  3/31/95
    
    
    
    
    
    $
    6,500,301Current year expense
    
    $
    1,384,980Balance at close of period  3/31/96
    
    
    
    
    
    $
    7,885,281Current year expense
    
    $
    (333,705
    )Balance at close of period  3/31/97
    
    
    
    
    
    $
    7,551,576Current year expense
    
    $
    980,513Balance at close of period  3/31/98
    
    
    
    
    
    $
    8,532,089Current year expense
    
    $
    100,126Balance at close of period  3/31/99
    
    
    
    
    
    $
    8,632,215Current year expense
    
    $
    956,619Balance at close of period  3/31/00
    
    
    
    
    
    $
    9,588,834Current year expense
    
    $
    937,982Balance at close of period  3/31/01
    
    
    
    
    
    $
    10,526,816Current year expense
    
    $
    939,004Balance at close of period  3/31/02
    
    
    
    
    
    $
    11,465,820Current year expense
    
    $
    1,012,788Balance at close of period  3/31/03
    
    
    
    
    
    $
    12,478,608Current year expense
    
    $
    1,017,224Balance at close of period  3/31/04
    
    
    
    
    
    $
    13,495,832Current year expense
    
    $
    739,721Reduction of Real Estate sold
    
    
    (3,476,831
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    10,758,722Current year expense
    
    $
    531,925Reduction of Real Estate sold
    
    
    (2,858,409
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    8,432,238Current year expense
    
    $
    294,877Reduction of Real Estate sold
    
    
    (3,793,210
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    4,933,905
 F-81




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedBEAVER BROOK
    
    
    1,149,068
    
    
    
    135,070
    
    
    
    1,395,155
    
    
    
    169,121
    
    
    
    135,070
    
    
    
    1,564,276
    
    
    
    1,699,346
    
    
    
    971,479
    
    
    May-90
    
    Apr-90
    
    
    27.5BIG LAKE SENIORS
    
    
    535,852
    
    
    
    27,804
    
    
    
    732,961
    
    
    
    23,998
    
    
    
    27,804
    
    
    
    756,959
    
    
    
    784,763
    
    
    
    216,278
    
    
    Jun-95
    
    Apr-94
    
    
    5-27.5BLAKELY
    
    
    1,019,984
    
    
    
    50,000
    
    
    
    1,159,403
    
    
    
    125,888
    
    
    
    50,000
    
    
    
    1,285,291
    
    
    
    1,335,291
    
    
    
    769,769
    
    
    May-90
    
    May-90
    
    
    5-27.5BLANCO SR
    
    
    503,171
    
    
    
    40,147
    
    
    
    679,816
    
    
    
    0
    
    
    
    40,147
    
    
    
    679,816
    
    
    
    719,963
    
    
    
    218,449
    
    
    Sep-94
    
    Dec-93
    
    
    7-40BLOOMINGDALE
    
    
    1,432,867
    
    
    
    100,338
    
    
    
    1,771,660
    
    
    
    26,395
    
    
    
    100,338
    
    
    
    1,798,055
    
    
    
    1,898,393
    
    
    
    1,119,703
    
    
    Mar-90
    
    May-90
    
    
    5-27.5BROOKLYN
    
    
    1,074,122
    
    
    
    9,000
    
    
    
    1,416,895
    
    
    
    183,203
    
    
    
    9,000
    
    
    
    1,600,098
    
    
    
    1,609,098
    
    
    
    767,867
    
    
    May-90
    
    May-90
    
    
    5-27.5COTTON MILL ASSOC.
    
    
    1,421,364
    
    
    
    75,000
    
    
    
    1,730,384
    
    
    
    22,990
    
    
    
    75,000
    
    
    
    1,753,374
    
    
    
    1,828,374
    
    
    
    703,012
    
    
    Jul-93
    
    Oct-92
    
    
    5-27.5FAWN RIVER
    
    
    3,600,624
    
    
    
    77,000
    
    
    
    4,396,993
    
    
    
    587,604
    
    
    
    77,000
    
    
    
    4,984,597
    
    
    
    5,061,597
    
    
    
    2,414,195
    
    
    Oct-90
    
    Oct-90
    
    
    27.5FOUNTAIN GREEN
    
    
    689,406
    
    
    
    68,134
    
    
    
    880,440
    
    
    
    6,779
    
    
    
    68,134
    
    
    
    887,219
    
    
    
    955,353
    
    
    
    548,690
    
    
    May-90
    
    Jun-90
    
    
    27.5GLENWOOD HOTEL
    
    
    608,518
    
    
    
    25,000
    
    
    
    1,128,486
    
    
    
    21,864
    
    
    
    25,000
    
    
    
    1,150,350
    
    
    
    1,175,350
    
    
    
    713,206
    
    
    Jun-90
    
    Jun-90
    
    
    7-27.5GRIFTON
    
    
    1,195,088
    
    
    
    35,393
    
    
    
    1,170,847
    
    
    
    432,036
    
    
    
    35,393
    
    
    
    1,602,883
    
    
    
    1,638,276
    
    
    
    477,779
    
    
    Feb-94
    
    Sep-93
    
    
    7-27.5HACIENDA VILLA
    
    
    3,383,942
    
    
    
    233,165
    
    
    
    7,304,446
    
    
    
    199,527
    
    
    
    274,352
    
    
    
    7,503,973
    
    
    
    7,778,325
    
    
    
    3,246,616
    
    
    Jan-90
    
    Apr-90
    
    
    40HAINES CITY
    
    
    1,395,576
    
    
    
    100,000
    
    
    
    1,709,218
    
    
    
    25,771
    
    
    
    100,000
    
    
    
    1,734,989
    
    
    
    1,834,989
    
    
    
    1,113,031
    
    
    Feb-90
    
    Apr-90
    
    
    27.5IMMOKALEE
    
    
    2,136,707
    
    
    
    160,000
    
    
    
    2,732,134
    
    
    
    172,191
    
    
    
    160,000
    
    
    
    2,904,325
    
    
    
    3,064,325
    
    
    
    1,240,232
    
    
    May-90
    
    May-90
    
    
    7-27.5
 F-82




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedKRISTIN PARK
    
    
    1,352,654
    
    
    
    117,179
    
    
    
    1,694,459
    
    
    
    120,219
    
    
    
    117,179
    
    
    
    1,814,678
    
    
    
    1,931,857
    
    
    
    798,278
    
    
    Jun-90
    
    Mar-90
    
    
    27.5LE GRANDE
ENTERPRISES
    
    
    1,680,733
    
    
    
    13,090
    
    
    
    2,232,493
    
    
    
    17,170
    
    
    
    67,500
    
    
    
    2,249,663
    
    
    
    2,317,163
    
    
    
    624,457
    
    
    Oct-93
    
    Nov-92
    
    
    5-50LONGMEADOW
    
    
    1,441,080
    
    
    
    95,000
    
    
    
    1,765,749
    
    
    
    55,053
    
    
    
    95,000
    
    
    
    1,820,802
    
    
    
    1,915,802
    
    
    
    774,555
    
    
    Aug-90
    
    Aug-90
    
    
    10-40MEADOW RUN
    
    
    620,548
    
    
    
    44,400
    
    
    
    784,163
    
    
    
    30,380
    
    
    
    44,400
    
    
    
    814,543
    
    
    
    858,943
    
    
    
    498,962
    
    
    May-90
    
    May-90
    
    
    27.5MEADOWCREST
    
    
    2,696,357
    
    
    
    286,065
    
    
    
    4,982,274
    
    
    
    92,162
    
    
    
    286,065
    
    
    
    5,074,436
    
    
    
    5,360,501
    
    
    
    3,233,188
    
    
    Oct-90
    
    Sep-90
    
    
    5-27.5NEWFANE SENIOR
    
    
    853,534
    
    
    
    30,000
    
    
    
    1,211,708
    
    
    
    99,499
    
    
    
    30,000
    
    
    
    1,311,207
    
    
    
    1,341,207
    
    
    
    708,581
    
    
    Sep-92
    
    Oct-92
    
    
    5-27.5OLD STAGE
    
    
    1,231,551
    
    
    
    39,840
    
    
    
    1,517,419
    
    
    
    13,873
    
    
    
    39,840
    
    
    
    1,531,292
    
    
    
    1,571,132
    
    
    
    931,142
    
    
    Sep-90
    
    May-90
    
    
    27.5PLEASANTON SR
    
    
    597,767
    
    
    
    40,000
    
    
    
    813,308
    
    
    
    12,507
    
    
    
    40,000
    
    
    
    825,815
    
    
    
    865,815
    
    
    
    296,773
    
    
    Jul-93
    
    Dec-93
    
    
    40POLKTON HOUSING
    
    
    616,061
    
    
    
    25,038
    
    
    
    754,785
    
    
    
    23,113
    
    
    
    25,038
    
    
    
    777,898
    
    
    
    802,936
    
    
    
    440,674
    
    
    Dec-93
    
    Jan-94
    
    
    5-27.5PRINCESS MANOR
    
    
    1,453,630
    
    
    
    57,066
    
    
    
    1,869,314
    
    
    
    56,385
    
    
    
    57,066
    
    
    
    1,925,699
    
    
    
    1,982,765
    
    
    
    1,082,078
    
    
    Aug-90
    
    Jun-90
    
    
    5-27.5PRINCESS VILLAS
    
    
    1,452,659
    
    
    
    63,104
    
    
    
    1,786,927
    
    
    
    34,670
    
    
    
    63,104
    
    
    
    1,821,597
    
    
    
    1,884,701
    
    
    
    1,022,946
    
    
    Aug-90
    
    Jun-90
    
    
    5-27.5PUTNEY FIRST
    
    
    1,392,249
    
    
    
    128,800
    
    
    
    1,804,424
    
    
    
    48,769
    
    
    
    128,800
    
    
    
    1,853,193
    
    
    
    1,981,993
    
    
    
    668,832
    
    
    May-93
    
    Dec-92
    
    
    5-27.5QUAIL HOLLOW- WARSAW
    
    
    1,365,341
    
    
    
    33,500
    
    
    
    1,747,578
    
    
    
    8,435
    
    
    
    33,500
    
    
    
    1,756,013
    
    
    
    1,789,513
    
    
    
    731,279
    
    
    Sep-90
    
    Jul-90
    
    
    7-40RAINBOW GARDENS
    
    
    1,175,335
    
    
    
    70,000
    
    
    
    1,450,989
    
    
    
    4,198
    
    
    
    70,000
    
    
    
    1,455,187
    
    
    
    1,525,187
    
    
    
    741,095
    
    
    Jun-93
    
    Dec-92
    
    
    7-27.5RAITT ST APTS
    
    
    846,133
    
    
    
    270,281
    
    
    
    1,221,755
    
    
    
    0
    
    
    
    270,281
    
    
    
    1,221,755
    
    
    
    1,492,036
    
    
    
    594,214
    
    
    Aug-93
    
    May-93
    
    
    5-27.5SCHOOL ST. II
    
    
    624,063
    
    
    
    37,622
    
    
    
    1,585,434
    
    
    
    65,122
    
    
    
    37,622
    
    
    
    1,650,556
    
    
    
    1,688,178
    
    
    
    856,043
    
    
    Jun-93
    
    Jun-93
    
    
    7-27.5SOUTH PARIS
    
    
    1,443,323
    
    
    
    65,000
    
    
    
    1,853,831
    
    
    
    61,071
    
    
    
    65,000
    
    
    
    1,914,902
    
    
    
    1,979,902
    
    
    
    899,740
    
    
    Oct-92
    
    Nov-92
    
    
    5-27.5
 F-83




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedSOUTHWESTERN
    
    
    1,383,414
    
    
    
    30,000
    
    
    
    1,766,094
    
    
    
    96,097
    
    
    
    30,000
    
    
    
    1,862,191
    
    
    
    1,892,191
    
    
    
    1,174,587
    
    
    May-90
    
    May-90
    
    
    7-27.5SUNSHINE
    
    
    1,434,576
    
    
    
    127,000
    
    
    
    1,729,289
    
    
    
    258,897
    
    
    
    120,902
    
    
    
    1,988,186
    
    
    
    2,109,088
    
    
    
    1,176,297
    
    
    Nov-90
    
    Sep-90
    
    
    5-27.5TAPPAHANNOCK GREENS
    
    
    1,453,366
    
    
    
    122,500
    
    
    
    1,703,483
    
    
    
    69,001
    
    
    
    122,500
    
    
    
    1,772,484
    
    
    
    1,894,984
    
    
    
    884,188
    
    
    May-94
    
    Mar-94
    
    
    5-27.5TWIN OAKS
    
    
    1,105,248
    
    
    
    53,636
    
    
    
    1,397,601
    
    
    
    13,625
    
    
    
    53,636
    
    
    
    1,411,226
    
    
    
    1,464,862
    
    
    
    866,518
    
    
    May-90
    
    May-90
    
    
    5-27.5VILLAGE OAKS
    
    
    711,163
    
    
    
    42,140
    
    
    
    884,614
    
    
    
    47,018
    
    
    
    42,140
    
    
    
    931,632
    
    
    
    973,772
    
    
    
    571,269
    
    
    Feb-90
    
    Jun-90
    
    
    5-27.5WESTSIDE
    
    
    2,153,464
    
    
    
    25,000
    
    
    
    4,022,240
    
    
    
    (47,900
    )
    
    
    25,000
    
    
    
    3,974,340
    
    
    
    3,999,340
    
    
    
    2,344,487
    
    
    Dec-90
    
    Jun-90
    
    
    5-27.5WESTWOOD
    
    
    1,363,362
    
    
    
    96,660
    
    
    
    1,690,074
    
    
    
    68,639
    
    
    
    108,580
    
    
    
    1,758,713
    
    
    
    1,867,293
    
    
    
    1,173,222
    
    
    Jul-90
    
    Jul-90
    
    
    27.550,593,900
    
    
    
    3,048,972
    
    
    
    70,478,843
    
    
    
    3,245,370
    
    
    
    3,150,391
    
    
    
    73,724,213
    
    
    
    76,874,604
    
    
    
    37,613,711
   F-84




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    122,231,856Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    3,447,429Improvements, etc
    
    
    143,343Other
    
    
    0$
    3,590,772Deductions during period:Cost of real estate sold
    
    $
    (7,395,934
    )Other
    
    
    (24,083
    )$
    (7,420,017
    )Balance at close of period  3/31/93
    
    
    
    
    
    $
    118,402,611Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    3,591,731Improvements, etc
    
    
    9,011,423Other
    
    
    0$
    12,603,154Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/94
    
    
    
    
    
    $
    131,005,765Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    2,630,397Improvements, etc
    
    
    1,266,494Other
    
    
    0$
    3,896,891Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/95
    
    
    
    
    
    $
    134,902,656
 F-85




---



##### 



Balance at close of period  3/31/95
    
    
    
    
    
    $
    134,902,656Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    818,652Other
    
    
    0$
    818,652Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/96
    
    
    
    
    
    $
    135,721,308Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    0Other
    
    
    0$
    0Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (2,117,890
    )(2,117,890
    )Balance at close of period  3/31/97
    
    
    
    
    
    $
    133,603,418Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    355,226Other
    
    
    0$
    355,226Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/98
    
    
    
    
    
    $
    133,958,644
 F-86




---



##### 



Balance at close of period  3/31/98
    
    
    
    
    
    $
    133,958,644Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    570,512Other
    
    
    0$
    570,512Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (990,393
    )(990,393
    )Balance at close of period  3/31/99
    
    
    
    
    
    $
    133,538,763Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    374,174Other
    
    
    0$
    374,174Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (531,712
    )(531,712
    )Balance at close of period  3/31/00
    
    
    
    
    
    $
    133,381,225Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    322,286Other
    
    
    0$
    322,286Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/01
    
    
    
    
    
    $
    133,703,511
 F-87




---



##### 



Balance at close of period  3/31/01
    
    
    
    
    
    $
    133,703,511Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    523,585Other
    
    
    0$
    523,585Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/02
    
    
    
    
    
    $
    134,227,096Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    539,685Other
    
    
    0$
    539,685Deductions during period:Cost of real estate sold
    
    $
    (11,255,722
    )Other
    
    
    0(11,255,722
    )Balance at close of period  3/31/03
    
    
    
    
    
    $
    123,511,059Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    401,897Other
    
    
    0$
    401,897Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/04
    
    
    
    
    
    $
    123,912,956
 F-88




---



##### 



Balance at close of period  3/31/04
    
    
    
    
    
    $
    123,912,956Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    118,694Other
    
    
    0$
    118,694Deductions during period:Cost of real estate sold
    
    $
    (35,486,480
    )Other
    
    
    0(35,486,480
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    88,545,170Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    316,010Other
    
    
    0$
    316,010Deductions during period:Cost of real estate sold
    
    $
    (1,043,253
    )Other
    
    
    0(1,043,253
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    87,817,927Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    227,247Other
    
    
    0$
    227,247Deductions during period:Cost of real estate sold
    
    $
    (11,170,570
    )Other
    
    
    0(11,170,570
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    76,874,604
 F-89




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    6,203,920Current year expense
    
    $
    4,059,735Balance at close of period  3/31/93
    
    
    
    
    
    $
    10,263,655Current year expense
    
    $
    4,195,190Balance at close of period  3/31/94
    
    
    
    
    
    $
    14,458,845Current year expense
    
    $
    4,588,398Balance at close of period  3/31/95
    
    
    
    
    
    $
    19,047,243Current year expense
    
    $
    4,535,644Balance at close of period  3/31/96
    
    
    
    
    
    $
    23,582,887Current year expense
    
    $
    4,517,586Balance at close of period  3/31/97
    
    
    
    
    
    $
    28,100,473Current year expense
    
    $
    4,359,076Balance at close of period  3/31/98
    
    
    
    
    
    $
    32,459,549Current year expense
    
    $
    3,444,078Balance at close of period  3/31/99
    
    
    
    
    
    $
    35,903,627Current year expense
    
    $
    4,028,593Balance at close of period  3/31/00
    
    
    
    
    
    $
    39,932,220Current year expense
    
    $
    4,198,128Balance at close of period  3/31/01
    
    
    
    
    
    $
    44,130,348Current year expense
    
    $
    4,089,155Balance at close of period  3/31/02
    
    
    
    
    
    $
    48,219,503Current year expense
    
    $
    329,965Balance at close of period  3/31/03
    
    
    
    
    
    $
    48,549,468Current year expense
    
    $
    3,928,201Balance at close of period  3/31/04
    
    
    
    
    
    $
    52,477,669Current year expense
    
    $
    2,257,172Reduction for Real Estate sold
    
    
    (15,910,686
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    38,824,155Current year expense
    
    $
    2,583,478Reduction for Real Estate sold
    
    
    (586,160
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    40,821,473Current year expense
    
    $
    2,256,535Reduction for Real Estate sold
    
    
    (5,464,297
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    37,613,711
 F-90




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company

    acquisition

    at close of periodLife on whichBuildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    Encumbrances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedACKERMAN
    
    
    501,830
    
    
    
    42,000
    
    
    
    619,380
    
    
    
    303,473
    
    
    
    42,000
    
    
    
    922,853
    
    
    
    964,853
    
    
    
    306,685
    
    
    Jun-94
    
    Sep-93
    
    
    5-27.5ATHENS II
    
    
    1,302,645
    
    
    
    75,000
    
    
    
    1,642,281
    
    
    
    61,429
    
    
    
    75,000
    
    
    
    1,703,710
    
    
    
    1,778,710
    
    
    
    708,621
    
    
    Jun-90
    
    Aug-90
    
    
    5-27.5AUTUMN LANE
    
    
    714,850
    
    
    
    34,094
    
    
    
    891,072
    
    
    
    1,281
    
    
    
    34,094
    
    
    
    892,353
    
    
    
    926,447
    
    
    
    538,242
    
    
    Nov-90
    
    Aug-89
    
    
    5-27.5BAYTREE
    
    
    933,065
    
    
    
    44,759
    
    
    
    1,099,246
    
    
    
    163,145
    
    
    
    44,759
    
    
    
    1,262,391
    
    
    
    1,307,150
    
    
    
    758,029
    
    
    Jul-90
    
    Nov-88
    
    
    5-27.5BENCHMARK
    
    
    1,081,207
    
    
    
    60,600
    
    
    
    1,137,112
    
    
    
    236,467
    
    
    
    60,600
    
    
    
    1,373,579
    
    
    
    1,434,179
    
    
    
    801,000
    
    
    Jul-90
    
    Nov-88
    
    
    5-27.5BRENTWOOD
    
    
    929,730
    
    
    
    64,999
    
    
    
    1,163,002
    
    
    
    68,032
    
    
    
    64,999
    
    
    
    1,231,034
    
    
    
    1,296,033
    
    
    
    515,637
    
    
    Oct-90
    
    Nov-90
    
    
    5-27.5BRIARWOOD
    
    
    1,441,948
    
    
    
    154,900
    
    
    
    1,898,553
    
    
    
    (269,824)
    *
    
    
    154,900
    
    
    
    1,628,729
    
    
    
    1,783,629
    
    
    
    934,505
    
    
    Aug-90
    
    Aug-90
    
    
    7-27.5BUTLER PROPERTIES
    
    
    488,205
    
    
    
    37,500
    
    
    
    376,730
    
    
    
    223,430
    
    
    
    37,500
    
    
    
    600,160
    
    
    
    637,660
    
    
    
    226,966
    
    
    Feb-91
    
    Dec-90
    
    
    5-27.5CANDLEWICK PLACE
    
    
    1,217,418
    
    
    
    70,800
    
    
    
    1,500,289
    
    
    
    113,385
    
    
    
    70,800
    
    
    
    1,613,674
    
    
    
    1,684,474
    
    
    
    613,579
    
    
    Oct-92
    
    Dec-92
    
    
    5-27.5CEDARSTONE
    
    
    750,916
    
    
    
    66,000
    
    
    
    955,695
    
    
    
    73,131
    
    
    
    66,000
    
    
    
    1,028,826
    
    
    
    1,094,826
    
    
    
    400,874
    
    
    May-93
    
    May-93
    
    
    5-40CHARLTON COURT
    
    
    1,164,939
    
    
    
    56,144
    
    
    
    1,449,050
    
    
    
    3,301
    
    
    
    56,144
    
    
    
    1,452,351
    
    
    
    1,508,495
    
    
    
    770,402
    
    
    Jan-93
    
    Dec-92
    
    
    7-27.5CLOVERLEAF I
    
    
    830,405
    
    
    
    54,740
    
    
    
    969,048
    
    
    
    24,514
    
    
    
    54,740
    
    
    
    993,562
    
    
    
    1,048,302
    
    
    
    617,589
    
    
    Apr-90
    
    Nov-90
    
    
    5-27.5CLOVERLEAF II
    
    
    849,067
    
    
    
    66,488
    
    
    
    981,480
    
    
    
    22,147
    
    
    
    66,488
    
    
    
    1,003,627
    
    
    
    1,070,115
    
    
    
    625,300
    
    
    Apr-90
    
    Nov-90
    
    
    5-27.5DALLAS
    
    
    1,396,387
    
    
    
    230,059
    
    
    
    3,408,933
    
    
    
    (124,903)
    *
    
    
    230,059
    
    
    
    3,284,030
    
    
    
    3,514,089
    
    
    
    1,992,128
    
    
    Oct-90
    
    Dec-91
    
    
    5-27.5ELLAVILLE
    
    
    763,702
    
    
    
    45,000
    
    
    
    977,293
    
    
    
    5,441
    
    
    
    45,000
    
    
    
    982,734
    
    
    
    1,027,734
    
    
    
    618,743
    
    
    Feb-90
    
    Jul-90
    
    
    5-27.5GREAT FALLS
    
    
    866,168
    
    
    
    38,292
    
    
    
    1,053,154
    
    
    
    7,477
    
    
    
    38,292
    
    
    
    1,060,631
    
    
    
    1,098,923
    
    
    
    644,577
    
    
    Oct-90
    
    Nov-90
    
    
    5-27.5HARTWAY PROPERTIES
    
    
    888,143
    
    
    
    49,000
    
    
    
    1,116,507
    
    
    
    29,540
    
    
    
    49,000
    
    
    
    1,146,047
    
    
    
    1,195,047
    
    
    
    515,277
    
    
    Jun-90
    
    Jul-90
    
    
    5-27.5
 F-91




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company

    acquisition

    at close of periodLife on whichBuildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    Encumbrances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedIRONTON ESTATES
    
    
    600,414
    
    
    
    29,500
    
    
    
    794,461
    
    
    
    20,960
    
    
    
    29,500
    
    
    
    815,421
    
    
    
    844,921
    
    
    
    446,039
    
    
    Jan-93
    
    May-93
    
    
    5-27.5LAMBERT SQUARE
    
    
    956,696
    
    
    
    41,200
    
    
    
    1,243,568
    
    
    
    35,349
    
    
    
    41,200
    
    
    
    1,278,917
    
    
    
    1,320,117
    
    
    
    455,857
    
    
    Jan-93
    
    May-93
    
    
    5-50LONGVIEW
    
    
    849,685
    
    
    
    25,000
    
    
    
    1,071,946
    
    
    
    82,006
    
    
    
    25,000
    
    
    
    1,153,952
    
    
    
    1,178,952
    
    
    
    712,460
    
    
    Jun-90
    
    Nov-90
    
    
    5-27.5MAIDU
    
    
    1,608,654
    
    
    
    56,500
    
    
    
    4,890,261
    
    
    
    312,533
    
    
    
    56,500
    
    
    
    5,202,794
    
    
    
    5,259,294
    
    
    
    2,978,993
    
    
    Aug-90
    
    Nov-88
    
    
    27.5MEADOWBROOK
    
    
    1,434,393
    
    
    
    75,141
    
    
    
    1,789,549
    
    
    
    5,274
    
    
    
    75,141
    
    
    
    1,794,823
    
    
    
    1,869,964
    
    
    
    1,125,823
    
    
    Dec-91
    
    Mar-91
    
    
    5-27.5MORGANTOWN
    
    
    748,195
    
    
    
    36,000
    
    
    
    930,187
    
    
    
    7
    
    
    
    36,000
    
    
    
    930,194
    
    
    
    966,194
    
    
    
    362,854
    
    
    Dec-90
    
    Aug-90
    
    
    5-27.5NEWNAN
    
    
    1,795,970
    
    
    
    92,706
    
    
    
    4,128,942
    
    
    
    (196,832)
    *
    
    
    92,706
    
    
    
    3,932,110
    
    
    
    4,024,816
    
    
    
    2,412,580
    
    
    Oct-90
    
    Dec-90
    
    
    27.5PINETREE MANOR
    
    
    953,359
    
    
    
    30,000
    
    
    
    1,210,633
    
    
    
    44,011
    
    
    
    30,000
    
    
    
    1,254,644
    
    
    
    1,284,644
    
    
    
    451,277
    
    
    Jan-93
    
    Nov-92
    
    
    7-40PINEVIEW
    
    
    934,501
    
    
    
    125,000
    
    
    
    1,178,400
    
    
    
    10,823
    
    
    
    125,000
    
    
    
    1,189,223
    
    
    
    1,314,223
    
    
    
    724,360
    
    
    Dec-90
    
    Sep-90
    
    
    7-27.5ROSEWOOD VILLAGE
    
    
    631,459
    
    
    
    36,000
    
    
    
    806,255
    
    
    
    5,086
    
    
    
    36,000
    
    
    
    811,341
    
    
    
    847,341
    
    
    
    504,200
    
    
    Jul-90
    
    Jul-90
    
    
    5-27.5STOCKTON ESTATES
    
    
    428,821
    
    
    
    17,500
    
    
    
    647,699
    
    
    
    (216,866
    )
    
    
    25,678
    
    
    
    430,833
    
    
    
    456,511
    
    
    
    193,019
    
    
    Jan-93
    
    Feb-93
    
    
    5-27.5STRATFORD SQUARE
    
    
    731,909
    
    
    
    63,000
    
    
    
    443,433
    
    
    
    488,388
    
    
    
    63,000
    
    
    
    931,821
    
    
    
    994,821
    
    
    
    351,781
    
    
    Feb-93
    
    Oct-92
    
    
    5-40SUMMER GLEN
    
    
    1,436,162
    
    
    
    147,225
    
    
    
    1,669,056
    
    
    
    164,531
    
    
    
    147,225
    
    
    
    1,833,587
    
    
    
    1,980,812
    
    
    
    666,097
    
    
    Mar-93
    
    Nov-92
    
    
    5-40
 F-92




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company

    acquisition

    at close of periodLife on whichBuildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    Encumbrances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedWICHITA WEST
    
    
    1,616,032
    
    
    
    110,377
    
    
    
    2,920,599
    
    
    
    156,779
    
    
    
    110,377
    
    
    
    3,077,378
    
    
    
    3,187,755
    
    
    
    1,873,765
    
    
    Jul-90
    
    Jul-90
    
    
    7-27.5WOODSIDE HOUSING
    
    
    1,442,844
    
    
    
    60,140
    
    
    
    1,926,294
    
    
    
    66,815
    
    
    
    60,140
    
    
    
    1,993,109
    
    
    
    2,053,249
    
    
    
    830,307
    
    
    Nov-90
    
    Dec-90
    
    
    5-27.532,289,719
    
    
    
    2,135,664
    
    
    
    46,890,108
    
    
    
    1,920,330
    
    
    
    2,143,842
    
    
    
    48,810,438
    
    
    
    50,954,280
    
    
    
    25,677,566
   F-93




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    73,561,151Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    2,204,866Improvements, etc
    
    
    314,333Other
    
    
    0$
    2,519,199Deductions during period:Cost of real estate sold
    
    $
    (7,395,934
    )Other
    
    
    0$
    (7,395,934
    )Balance at close of period  3/31/93
    
    
    
    
    
    $
    68,684,416Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    8,492,161Improvements, etc
    
    
    6,297,007Other
    
    
    0$
    14,789,168Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/94
    
    
    
    
    
    $
    83,473,584Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    313,600Improvements, etc
    
    
    0Other
    
    
    0$
    313,600Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/95
    
    
    
    
    
    $
    83,787,184
 F-94




---



##### 



Balance at close of period  3/31/95
    
    
    
    
    
    $
    83,787,184Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etcOther
    
    
    86,855$
    86,855Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (440,637
    )(440,637
    )Balance at close of period  3/31/96
    
    
    
    
    
    $
    83,433,402Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    0Other
    
    
    186,916$
    186,916Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/97
    
    
    
    
    
    $
    83,620,318Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    116,256Other
    
    
    0$
    116,256Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/98
    
    
    
    
    
    $
    83,736,574
 F-95




---



##### 



Balance at close of period  3/31/98
    
    
    
    
    
    $
    83,736,574Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    530,895Other
    
    
    0$
    530,895Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (1,589,126
    )(1,589,126
    )Balance at close of period  3/31/99
    
    
    
    
    
    $
    82,678,343Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    489,722Other
    
    
    0$
    489,722Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/00
    
    
    
    
    
    $
    83,168,065Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    156,226Other
    
    
    0$
    156,226Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/01
    
    
    
    
    
    $
    83,324,291
 F-96




---



##### 



Balance at close of period  3/31/01
    
    
    
    
    
    $
    83,324,291Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    257,618Other
    
    
    0$
    257,618Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/02
    
    
    
    
    
    $
    83,581,909Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    141,429Other
    
    
    0$
    141,429Deductions during period:Cost of real estate sold
    
    $
    (3,748,588
    )Other
    
    
    0(3,748,588
    )Balance at close of period  3/31/03
    
    
    
    
    
    $
    79,974,750Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    (8,393
    )Other
    
    
    0$
    (8,393
    )Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/04
    
    
    
    
    
    $
    79,966,357
 F-97




---



##### 



Balance at close of period  3/31/04
    
    
    
    
    
    $
    79,966,357Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    208,435Other
    
    
    0$
    208,435Deductions during period:Cost of real estate sold
    
    $
    (2,676,780
    )Other
    
    0$
    (2,676,780
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    77,498,012Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    180,032Other
    
    
    0$
    180,032Deductions during period:Cost of real estate sold $
    
    
    (20,218,061
    )Other
    
    
    0$
    (20,218,061
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    57,459,983Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    82,709Other
    
    
    0$
    82,709Deductions during period:Cost of real estate sold
    
    $
    (6,588,412
    )Other
    
    
    0$
    (6,588,412
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    50,954,280
 F-98




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    3,259,154Current year expense
    
    $
    2,487,975Balance at close of period  3/31/93
    
    
    
    
    
    $
    5,747,129Current year expense
    
    $
    2,881,214Balance at close of period  3/31/94
    
    
    
    
    
    $
    8,628,343Current year expense
    
    $
    2,883,271Balance at close of period  3/31/95
    
    
    
    
    
    $
    11,511,614Current year expense
    
    $
    2,768,634Balance at close of period  3/31/96
    
    
    
    
    
    $
    14,280,248Current year expense
    
    $
    2,797,002Balance at close of period  3/31/97
    
    
    
    
    
    $
    17,077,250Current year expense
    
    $
    2,780,726Balance at close of period  3/31/98
    
    
    
    
    
    $
    19,857,976Current year expense
    
    $
    2,397,434Balance at close of period  3/31/99
    
    
    
    
    
    $
    22,255,410Current year expense
    
    $
    2,459,142Balance at close of period  3/31/00
    
    
    
    
    
    $
    24,714,552Current year expense
    
    $
    2,579,970Balance at close of period  3/31/01
    
    
    
    
    
    $
    27,294,522Current year expense
    
    $
    2,628,315Balance at close of period  3/31/02
    
    
    
    
    
    $
    29,922,837Current year expense
    
    $
    1,200,562Balance at close of period  3/31/03
    
    
    
    
    
    $
    31,123,399Current year expense
    
    $
    2,289,719Balance at close of period  3/31/04
    
    
    
    
    
    $
    33,413,118Current year expense
    
    $
    2,341,597Reduction for Real Estate sold
    
    
    (921,828
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    34,832,887Current year expense
    
    $
    1,743,747Reduction for Real Estate sold
    
    
    (9,172,818
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    27,403,816Current year expense
    
    $
    1,561,164Reduction for Real Estate sold
    
    
    (3,287,414
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    25,677,566
 F-99




---



##### 



Costcapitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedACADEMY HILL
    
    
    1,339,946
    
    
    
    119,500
    
    
    
    1,607,604
    
    
    
    28,193
    
    
    
    120,880
    
    
    
    1,635,797
    
    
    
    1,756,677
    
    
    
    960,866
    
    
    Feb-91
    
    Feb-91
    
    
    5-27.5ASPEN SQUARE
    
    
    1,787,338
    
    
    
    150,413
    
    
    
    2,118,648
    
    
    
    143,848
    
    
    
    150,703
    
    
    
    2,262,496
    
    
    
    2,413,199
    
    
    
    832,954
    
    
    Nov-90
    
    Nov-90
    
    
    5-27.5BUCKEYE
    
    
    1,302,908
    
    
    
    93,421
    
    
    
    1,584,893
    
    
    
    102,253
    
    
    
    93,421
    
    
    
    1,687,146
    
    
    
    1,780,567
    
    
    
    736,633
    
    
    Aug-90
    
    Dec-90
    
    
    5-27.5CHURCH HILL
    
    
    931,165
    
    
    
    63,232
    
    
    
    663,136
    
    
    
    582,064
    
    
    
    63,232
    
    
    
    1,245,200
    
    
    
    1,308,432
    
    
    
    509,149
    
    
    Jan-91
    
    Dec-90
    
    
    7-40COPPER CREEK
    
    
    1,143,965
    
    
    
    77,750
    
    
    
    1,410,989
    
    
    
    73,445
    
    
    
    77,750
    
    
    
    1,484,434
    
    
    
    1,562,184
    
    
    
    549,069
    
    
    Sep-90
    
    Nov-90
    
    
    5-27.5CORONADO
    
    
    154,240
    
    
    
    9,998
    
    
    
    1,499,265
    
    
    
    64,546
    
    
    
    9,998
    
    
    
    1,563,811
    
    
    
    1,573,809
    
    
    
    911,568
    
    
    Apr-91
    
    Feb-91
    
    
    5-27.5CRESTWOOD
    
    
    3,325,463
    
    
    
    360,000
    
    
    
    10,649,129
    
    
    
    578,131
    
    
    
    360,000
    
    
    
    11,227,260
    
    
    
    11,587,260
    
    
    
    5,950,079
    
    
    Jul-91
    
    Jan-91
    
    
    7-27.5DALLAS APTS.
    
    
    1,396,387
    
    
    
    230,059
    
    
    
    3,408,933
    
    
    
    (124,903)
    *
    
    
    230,059
    
    
    
    3,284,030
    
    
    
    3,514,089
    
    
    
    1,992,128
    
    
    Oct-90
    
    Dec-90
    
    
    7-27.5DENMARK I
    
    
    745,707
    
    
    
    54,000
    
    
    
    915,172
    
    
    
    29,418
    
    
    
    54,000
    
    
    
    944,590
    
    
    
    998,590
    
    
    
    574,604
    
    
    Jun-90
    
    Nov-90
    
    
    27.5DENMARK II
    
    
    792,015
    
    
    
    36,000
    
    
    
    1,003,547
    
    
    
    3,610
    
    
    
    36,000
    
    
    
    1,007,157
    
    
    
    1,043,157
    
    
    
    621,748
    
    
    Jun-90
    
    Nov-90
    
    
    5-27.5EL DORADO SPRINGS
    
    
    564,609
    
    
    
    22,500
    
    
    
    735,245
    
    
    
    59,283
    
    
    
    17,176
    
    
    
    794,528
    
    
    
    811,704
    
    
    
    495,041
    
    
    Sep-90
    
    Nov-90
    
    
    5-27.5ELDERLY HOUSING OF
MACON
    
    
    1,564,804
    
    
    
    50,000
    
    
    
    1,992,329
    
    
    
    38,459
    
    
    
    50,000
    
    
    
    2,030,788
    
    
    
    2,080,788
    
    
    
    708,704
    
    
    Apr-93
    
    May-93
    
    
    5-27.5EUTAW ELDERLY
    
    
    1,578,169
    
    
    
    24,000
    
    
    
    1,972,439
    
    
    
    77,075
    
    
    
    24,000
    
    
    
    2,049,514
    
    
    
    2,073,514
    
    
    
    669,584
    
    
    Dec-93
    
    May-93
    
    
    5-50FARMERVILLE
    
    
    944,223
    
    
    
    57,015
    
    
    
    1,195,142
    
    
    
    62,200
    
    
    
    57,015
    
    
    
    1,257,342
    
    
    
    1,314,357
    
    
    
    499,223
    
    
    Apr-91
    
    Jan-91
    
    
    5-27.5FRANKLIN SCHOOL
    
    
    1,442,505
    
    
    
    112,032
    
    
    
    2,528,326
    
    
    
    2,339,403
    
    
    
    112,032
    
    
    
    4,867,729
    
    
    
    4,979,761
    
    
    
    2,603,570
    
    
    Dec-91
    
    Oct-90
    
    
    27.5HARBOR VIEW
    
    
    0
    
    
    
    143,957
    
    
    
    1,802,615
    
    
    
    (1,802,615
    )
    
    
    143,957
    
    
    
    0
    
    
    
    143,957
    
    
    
    0
    
    
    Jul-90
    
    Dec-90
    
    
    7-27.5HILLTOP APTS.
    
    
    1,378,117
    
    
    
    178,736
    
    
    
    1,545,237
    
    
    
    37,942
    
    
    
    178,736
    
    
    
    1,583,179
    
    
    
    1,761,915
    
    
    
    702,932
    
    
    Nov-92
    
    Jan-93
    
    
    27.5HOLLAND SENIOR
    
    
    872,592
    
    
    
    27,500
    
    
    
    1,096,333
    
    
    
    107,595
    
    
    
    27,500
    
    
    
    1,203,928
    
    
    
    1,231,428
    
    
    
    751,660
    
    
    Jun-90
    
    Nov-90
    
    
    27.5HOLLY SENIOR
    
    
    889,036
    
    
    
    36,882
    
    
    
    1,139,044
    
    
    
    113,609
    
    
    
    36,882
    
    
    
    1,252,653
    
    
    
    1,289,535
    
    
    
    773,050
    
    
    Oct-90
    
    Nov-90
    
    
    27.5
 F-100




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncumbr-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    ances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedIVAN WOODS
    
    
    2,483,044
    
    
    
    275,000
    
    
    
    4,347,328
    
    
    
    132,657
    
    
    
    275,000
    
    
    
    4,479,985
    
    
    
    4,754,985
    
    
    
    2,703,399
    
    
    Apr-91
    
    Feb-91
    
    
    5-27.5KAPLAN MANOR
    
    
    902,113
    
    
    
    66,000
    
    
    
    1,106,192
    
    
    
    115,919
    
    
    
    66,000
    
    
    
    1,222,111
    
    
    
    1,288,111
    
    
    
    511,242
    
    
    Dec-90
    
    Dec-90
    
    
    7-40LAKEWOOD
    
    
    930,243
    
    
    
    53,100
    
    
    
    1,162,254
    
    
    
    74,099
    
    
    
    53,100
    
    
    
    1,236,353
    
    
    
    1,289,453
    
    
    
    505,369
    
    
    May-91
    
    Jan-91
    
    
    5-27.5MAIDU
    
    
    1,608,654
    
    
    
    56,500
    
    
    
    4,890,261
    
    
    
    312,533
    
    
    
    56,500
    
    
    
    5,202,794
    
    
    
    5,259,294
    
    
    
    2,978,993
    
    
    Dec-91
    
    Mar-91
    
    
    7-27.5MANNING PROPERTIES
    
    
    816,201
    
    
    
    44,125
    
    
    
    1,015,703
    
    
    
    8,363
    
    
    
    44,125
    
    
    
    1,024,066
    
    
    
    1,068,191
    
    
    
    624,136
    
    
    Nov-90
    
    Nov-90
    
    
    5-27.5METTER
    
    
    1,420,614
    
    
    
    44,500
    
    
    
    1,770,511
    
    
    
    12,340
    
    
    
    45,141
    
    
    
    1,782,851
    
    
    
    1,827,992
    
    
    
    924,725
    
    
    May-93
    
    Dec-92
    
    
    5-27.5NEVADA MANOR
    
    
    629,728
    
    
    
    50,000
    
    
    
    782,543
    
    
    
    44,048
    
    
    
    50,000
    
    
    
    826,591
    
    
    
    876,591
    
    
    
    523,970
    
    
    Oct-90
    
    Nov-90
    
    
    5-27.5NEWNAN APTS.
    
    
    1,795,970
    
    
    
    92,706
    
    
    
    4,128,942
    
    
    
    (196,832)
    *
    
    
    92,706
    
    
    
    3,932,110
    
    
    
    4,024,816
    
    
    
    2,412,580
    
    
    Oct-90
    
    Dec-90
    
    
    5-27.5OATKA VILLIAGE
    
    
    894,219
    
    
    
    35,000
    
    
    
    1,151,205
    
    
    
    103,814
    
    
    
    35,000
    
    
    
    1,255,019
    
    
    
    1,290,019
    
    
    
    767,853
    
    
    Jun-90
    
    Nov-90
    
    
    5-27.5RPI #18 L.P.
    
    
    1,199,443
    
    
    
    100
    
    
    
    1,776,840
    
    
    
    128,726
    
    
    
    100
    
    
    
    1,905,566
    
    
    
    1,905,666
    
    
    
    1,122,083
    
    
    Dec-90
    
    Dec-90
    
    
    5-27.5SIERRA SPRINGS
    
    
    1,145,117
    
    
    
    52,290
    
    
    
    1,448,815
    
    
    
    79,728
    
    
    
    52,387
    
    
    
    1,528,543
    
    
    
    1,580,930
    
    
    
    551,426
    
    
    Nov-90
    
    Nov-90
    
    
    5-27.5SOUTH FORK
    
    
    1,425,107
    
    
    
    100,000
    
    
    
    1,782,527
    
    
    
    60,273
    
    
    
    100,000
    
    
    
    1,842,800
    
    
    
    1,942,800
    
    
    
    905,452
    
    
    Feb-91
    
    Feb-91
    
    
    5-27.5TWIN OAKS OF
ALLENDALE
    
    
    761,486
    
    
    
    71,305
    
    
    
    951,711
    
    
    
    (155,350)
    *
    
    
    71,305
    
    
    
    796,361
    
    
    
    867,666
    
    
    
    480,395
    
    
    Sep-90
    
    Dec-90
    
    
    5-27.5WASHINGTON
    
    
    933,141
    
    
    
    55,050
    
    
    
    1,150,878
    
    
    
    75,032
    
    
    
    55,050
    
    
    
    1,225,910
    
    
    
    1,280,960
    
    
    
    500,653
    
    
    Mar-91
    
    Jan-91
    
    
    7-40WILDRIDGE
    
    
    1,341,717
    
    
    
    156,576
    
    
    
    1,617,243
    
    
    
    59,691
    
    
    
    156,576
    
    
    
    1,676,934
    
    
    
    1,833,510
    
    
    
    1,004,601
    
    
    Apr-91
    
    Jan-91
    
    
    7-27.540,439,986
    
    
    
    2,999,247
    
    
    
    67,950,979
    
    
    
    3,368,597
    
    
    
    2,996,331
    
    
    
    71,319,576
    
    
    
    74,315,907
    
    
    
    37,359,439
   F-101




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    75,467,308Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    44,500Improvements, etc
    
    
    862,272Other
    
    
    0$
    906,772Deductions during period:Cost of real estate sold
    
    $
    (1,343,477
    )Other
    
    
    (188,348
    )$
    (1,531,825
    )Balance at close of period  3/31/93
    
    
    
    
    
    $
    74,842,255Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    5,762,741Improvements, etc
    
    
    1,962,905Other
    
    
    0$
    7,725,646Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/94
    
    
    
    
    
    $
    82,567,901Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    1,297,882Improvements, etc
    
    
    0Other
    
    
    0$
    1,297,882Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/95
    
    
    
    
    
    $
    83,865,783
 F-102




---



##### 



Balance at close of period  3/31/95
    
    
    
    
    
    $
    83,865,783Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    81,256Other
    
    
    0$
    81,256Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (1,209,041
    )(1,209,041
    )Balance at close of period  3/31/96
    
    
    
    
    
    $
    82,737,998Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    125,078Other
    
    
    0$
    125,078Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/97
    
    
    
    
    
    $
    82,863,076Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    121,624Other
    
    
    0$
    121,624Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/98
    
    
    
    
    
    $
    82,984,700
 F-103




---



##### 



Balance at close of period  3/31/98
    
    
    
    
    
    $
    82,984,700Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    178,906Other
    
    
    0$
    178,906Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/99
    
    
    
    
    
    $
    83,163,606Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    451,423Other
    
    
    0$
    451,423Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/00
    
    
    
    
    
    $
    83,615,029Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    86,609Other
    
    
    0$
    86,609Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/01
    
    
    
    
    
    $
    83,701,638
 F-104




---



##### 



Balance at close of period  3/31/01
    
    
    
    
    
    $
    83,701,638Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    229,554Other
    
    
    0$
    229,554Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/02
    
    
    
    
    
    $
    83,931,192Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    193,734Other
    
    
    0$
    193,734Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/03
    
    
    
    
    
    $
    84,124,926Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    675,426Other
    
    
    0$
    675,426Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/04
    
    
    
    
    
    $
    84,800,352
 F-105




---



##### 



Balance at close of period  3/31/04
    
    
    
    
    
    $
    84,800,352Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    (2,516,439
    )Other
    
    
    0$
    (2,516,439
    )Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/05
    
    
    
    
    
    $
    82,283,913Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    166,333Other
    
    
    0$
    166,333Deductions during period:Cost of real estate sold
    
    $
    (2,631,251
    )Other
    
    
    0(2,631,251
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    79,818,995Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    325,108Other
    
    
    0$
    325,108Deductions during period:Cost of real estate sold
    
    $
    (5,828,196
    )Other
    
    
    0(5,828,196
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    74,315,907
 F-106




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    2,602,158Current year expense
    
    $
    2,916,577Balance at close of period  3/31/93
    
    
    
    
    
    $
    5,518,735Current year expense
    
    $
    2,946,686Balance at close of period  3/31/94
    
    
    
    
    
    $
    8,465,421Current year expense
    
    $
    4,159,331Balance at close of period  3/31/95
    
    
    
    
    
    $
    12,624,752Current year expense
    
    $
    1,693,850Balance at close of period  3/31/96
    
    
    
    
    
    $
    14,318,602Current year expense
    
    $
    2,889,737Balance at close of period  3/31/97
    
    
    
    
    
    $
    17,208,339Current year expense
    
    $
    2,903,701Balance at close of period  3/31/98
    
    
    
    
    
    $
    20,112,040Current year expense
    
    $
    2,772,892Balance at close of period  3/31/99
    
    
    
    
    
    $
    22,884,932Current year expense
    
    $
    2,681,634Balance at close of period  3/31/00
    
    
    
    
    
    $
    25,566,566Current year expense
    
    $
    2,650,726Balance at close of period  3/31/01
    
    
    
    
    
    $
    28,217,292Current year expense
    
    $
    2,575,061Balance at close of period  3/31/02
    
    
    
    
    
    $
    30,792,353Current year expense
    
    $
    2,718,792Balance at close of period  3/31/03
    
    
    
    
    
    $
    33,511,145Current year expense
    
    $
    2,300,969Balance at close of period  3/31/04
    
    
    
    
    
    $
    35,812,114Current year expense
    
    $
    1,187,225Balance at close of period  3/31/05
    
    
    
    
    
    $
    36,999,339Current year expense
    
    $
    2,639,596Reduction for Real Estate sold
    
    
    (1,315,367
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    38,323,568Current year expense
    
    $
    2,243,446Reduction for Real Estate sold
    
    
    (3,207,575
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    37,359,439
 F-107




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedAUTUMNWOOD VILLAGE
    
    
    985,344
    
    
    
    40,777
    
    
    
    371,734
    
    
    
    903,553
    
    
    
    40,777
    
    
    
    1,275,287
    
    
    
    1,316,064
    
    
    
    699,576
    
    
    Apr-92
    
    Oct-91
    
    
    5-27.5BB&L ENTERPRISES
    
    
    504,660
    
    
    
    24,000
    
    
    
    648,985
    
    
    
    9,970
    
    
    
    24,000
    
    
    
    658,955
    
    
    
    682,955
    
    
    
    288,738
    
    
    Mar-91
    
    May-91
    
    
    5-40BOWMAN VILLAGE
    
    
    648,322
    
    
    
    17,000
    
    
    
    848,107
    
    
    
    7,315
    
    
    
    17,000
    
    
    
    855,422
    
    
    
    872,422
    
    
    
    487,335
    
    
    Oct-91
    
    Jun-91
    
    
    5-27.5BRIARWICK
    
    
    1,155,976
    
    
    
    95,079
    
    
    
    1,587,073
    
    
    
    23,531
    
    
    
    95,079
    
    
    
    1,610,604
    
    
    
    1,705,683
    
    
    
    662,337
    
    
    Apr-91
    
    Apr-91
    
    
    5-40BURKESVILLE
    
    
    715,650
    
    
    
    40,000
    
    
    
    897,118
    
    
    
    530
    
    
    
    40,000
    
    
    
    897,648
    
    
    
    937,648
    
    
    
    330,999
    
    
    Sep-91
    
    Jun-91
    
    
    5-27.5CANANCHE CREEK
    
    
    1,202,740
    
    
    
    66,200
    
    
    
    1,515,813
    
    
    
    61,505
    
    
    
    66,200
    
    
    
    1,577,318
    
    
    
    1,643,518
    
    
    
    542,655
    
    
    Jun-91
    
    May-91
    
    
    5-27.5CARSON VILLAGE
    
    
    634,379
    
    
    
    30,000
    
    
    
    193,264
    
    
    
    622,286
    
    
    
    30,000
    
    
    
    815,550
    
    
    
    845,550
    
    
    
    444,243
    
    
    Jun-92
    
    Oct-91
    
    
    5-27.5CLARKSON PROP
    
    
    719,852
    
    
    
    36,000
    
    
    
    932,918
    
    
    
    0
    
    
    
    36,000
    
    
    
    932,918
    
    
    
    968,918
    
    
    
    343,718
    
    
    Jul-91
    
    Jun-91
    
    
    7-27.5CORCORAN INVESTMENT
    
    
    1,577,831
    
    
    
    75,000
    
    
    
    1,976,455
    
    
    
    (1
    )
    
    
    75,000
    
    
    
    1,976,454
    
    
    
    2,051,454
    
    
    
    679,335
    
    
    Nov-90
    
    Feb-91
    
    
    5-50CRESCENT CITY
    
    
    2,076,149
    
    
    
    211,000
    
    
    
    2,297,055
    
    
    
    (14,590)
    *
    
    
    211,000
    
    
    
    2,282,465
    
    
    
    2,493,465
    
    
    
    810,925
    
    
    Mar-91
    
    Mar-91
    
    
    5-50DALLAS II
    
    
    1,396,387
    
    
    
    230,059
    
    
    
    3,194,199
    
    
    
    89,831
    
    
    
    230,059
    
    
    
    3,284,030
    
    
    
    3,514,089
    
    
    
    1,992,128
    
    
    Oct-90
    
    Mar-91
    
    
    7-27.5EARLIMART
    
    
    1,310,125
    
    
    
    90,000
    
    
    
    1,711,424
    
    
    
    827
    
    
    
    90,000
    
    
    
    1,712,251
    
    
    
    1,802,251
    
    
    
    586,145
    
    
    Jun-91
    
    Jun-91
    
    
    5-50EVANWOOD
    
    
    731,640
    
    
    
    36,000
    
    
    
    929,102
    
    
    
    456
    
    
    
    32,400
    
    
    
    929,558
    
    
    
    961,958
    
    
    
    382,342
    
    
    May-91
    
    Jun-91
    
    
    5-27.5FORT SMITH
    
    
    650,542
    
    
    
    87,500
    
    
    
    2,130,922
    
    
    
    0
    
    
    
    81,348
    
    
    
    2,130,922
    
    
    
    2,212,270
    
    
    
    1,091,821
    
    
    Aug-94
    
    Sep-93
    
    
    7-27.5HAMILTON VILLAGE
    
    
    553,491
    
    
    
    18,943
    
    
    
    368,532
    
    
    
    346,538
    
    
    
    18,943
    
    
    
    715,070
    
    
    
    734,013
    
    
    
    397,742
    
    
    Mar-92
    
    Oct-91
    
    
    5-27.5HUNTERS PARK
    
    
    1,372,923
    
    
    
    92,750
    
    
    
    1,650,083
    
    
    
    13,889
    
    
    
    92,750
    
    
    
    1,663,972
    
    
    
    1,756,722
    
    
    
    562,347
    
    
    Apr-91
    
    May-91
    
    
    5-27.5
 F-108




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncumbr-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    ances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedIVAN WOODS
    
    
    2,483,044
    
    
    
    275,000
    
    
    
    4,347,328
    
    
    
    132,657
    
    
    
    275,000
    
    
    
    4,479,985
    
    
    
    4,754,985
    
    
    
    2,703,399
    
    
    Apr-91
    
    Feb-91
    
    
    5-27.5JESUP
    
    
    545,841
    
    
    
    19,375
    
    
    
    427,265
    
    
    
    392,059
    
    
    
    10,560
    
    
    
    819,324
    
    
    
    829,884
    
    
    
    453,223
    
    
    Jul-92
    
    Jan-91
    
    
    5-27.5LAKERIDGE
    
    
    892,199
    
    
    
    34,832
    
    
    
    1,103,517
    
    
    
    19,066
    
    
    
    34,832
    
    
    
    1,122,583
    
    
    
    1,157,415
    
    
    
    662,865
    
    
    Apr-91
    
    Mar-91
    
    
    5-50LAUREL VILLAGE
    
    
    643,456
    
    
    
    15,145
    
    
    
    256,421
    
    
    
    574,246
    
    
    
    15,145
    
    
    
    830,667
    
    
    
    845,812
    
    
    
    457,906
    
    
    May-92
    
    Oct-91
    
    
    5-27.5LOS CABALLOS
    
    
    690,954
    
    
    
    53,886
    
    
    
    1,006,731
    
    
    
    26,621
    
    
    
    26,943
    
    
    
    1,033,352
    
    
    
    1,060,295
    
    
    
    409,112
    
    
    Aug-91
    
    Jul-91
    
    
    5-27.5MARLBORO
    
    
    813,288
    
    
    
    26,176
    
    
    
    1,032,404
    
    
    
    45,224
    
    
    
    26,176
    
    
    
    1,077,628
    
    
    
    1,103,804
    
    
    
    640,891
    
    
    Feb-91
    
    Mar-91
    
    
    5-27.5MELVILLES
    
    
    867,216
    
    
    
    18,500
    
    
    
    1,103,074
    
    
    
    88,959
    
    
    
    18,500
    
    
    
    1,192,033
    
    
    
    1,210,533
    
    
    
    465,859
    
    
    Oct-91
    
    Jul-91
    
    
    7-40NEWNAN II
    
    
    1,795,970
    
    
    
    92,706
    
    
    
    3,868,800
    
    
    
    63,310
    
    
    
    92,706
    
    
    
    3,932,110
    
    
    
    4,024,816
    
    
    
    2,412,580
    
    
    Oct-90
    
    Mar-91
    
    
    7-27.5OAKLEIGH
    
    
    888,157
    
    
    
    57,500
    
    
    
    553,121
    
    
    
    615,694
    
    
    
    57,500
    
    
    
    1,168,815
    
    
    
    1,226,315
    
    
    
    445,628
    
    
    Mar-92
    
    Aug-91
    
    
    7-40OAKWOOD
    
    
    876,442
    
    
    
    52,000
    
    
    
    782,736
    
    
    
    393,404
    
    
    
    52,000
    
    
    
    1,176,140
    
    
    
    1,228,140
    
    
    
    455,590
    
    
    Jan-92
    
    Aug-91
    
    
    7-40PORTALES ESTATES
    
    
    1,401,873
    
    
    
    66,500
    
    
    
    1,777,470
    
    
    
    104,668
    
    
    
    66,500
    
    
    
    1,882,138
    
    
    
    1,948,638
    
    
    
    1,094,524
    
    
    Jul-91
    
    Jul-91
    
    
    5-27.5PRAIRIE WEST
    
    
    445,379
    
    
    
    65,000
    
    
    
    983,964
    
    
    
    49,077
    
    
    
    75,906
    
    
    
    1,033,041
    
    
    
    1,108,947
    
    
    
    621,470
    
    
    Sep-95
    
    Mar-91
    
    
    5-27.5RIDGEWAY COURT
    
    
    879,387
    
    
    
    48,500
    
    
    
    1,039,377
    
    
    
    28,498
    
    
    
    48,500
    
    
    
    1,067,875
    
    
    
    1,116,375
    
    
    
    615,808
    
    
    Jan-91
    
    Apr-91
    
    
    5-27.5ROCKMOOR
    
    
    547,435
    
    
    
    30,000
    
    
    
    521,541
    
    
    
    153,533
    
    
    
    30,000
    
    
    
    675,074
    
    
    
    705,074
    
    
    
    267,842
    
    
    Mar-91
    
    May-91
    
    
    5-27.5RPI #22
    
    
    511,799
    
    
    
    0
    
    
    
    1,177,719
    
    
    
    30,883
    
    
    
    0
    
    
    
    1,208,602
    
    
    
    1,208,602
    
    
    
    692,045
    
    
    Jul-91
    
    Jun-91
    
    
    7-27.5SHAWNEE RIDGE
    
    
    649,579
    
    
    
    53,650
    
    
    
    801,129
    
    
    
    21,058
    
    
    
    53,650
    
    
    
    822,187
    
    
    
    875,837
    
    
    
    283,268
    
    
    May-91
    
    May-91
    
    
    5-27.5
 F-109




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedTURNER LANE
    
    
    702,554
    
    
    
    31,530
    
    
    
    882,974
    
    
    
    3,162
    
    
    
    31,530
    
    
    
    886,136
    
    
    
    917,666
    
    
    
    514,427
    
    
    Jul-91
    
    May-91
    
    
    7-27.5VILLAS LAKERIDGE
    
    
    517,829
    
    
    
    47,952
    
    
    
    605,356
    
    
    
    4,272
    
    
    
    47,952
    
    
    
    609,628
    
    
    
    657,580
    
    
    
    356,302
    
    
    Mar-91
    
    Mar-91
    
    
    5-27.5WAYNESBORO
    
    
    1,335,848
    
    
    
    50,000
    
    
    
    1,455,507
    
    
    
    158,132
    
    
    
    50,000
    
    
    
    1,613,639
    
    
    
    1,663,639
    
    
    
    908,196
    
    
    Jan-91
    
    Apr-91
    
    
    5-27.5WOODCREST
    
    
    690,356
    
    
    
    42,000
    
    
    
    883,702
    
    
    
    44,722
    
    
    
    42,000
    
    
    
    928,424
    
    
    
    970,424
    
    
    
    365,105
    
    
    Nov-91
    
    Jun-91
    
    
    7-40WOODSIDE
    
    
    1,123,823
    
    
    
    19,383
    
    
    
    1,378,829
    
    
    
    (32,449
    )
    
    
    145,555
    
    
    
    1,346,380
    
    
    
    1,491,935
    
    
    
    938,187
    
    
    Mar-91
    
    Apr-91
    
    
    5/4035,538,440
    
    
    
    2,289,943
    
    
    
    47,241,749
    
    
    
    4,982,436
    
    
    
    2,381,511
    
    
    
    52,224,185
    
    
    
    54,605,696
    
    
    
    26,066,613
   F-110




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    79,690,665Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    9,428,122Improvements, etc
    
    
    7,164,766Other
    
    
    0$
    16,592,888Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/93
    
    
    
    
    
    $
    96,283,553Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    901,206Improvements, etc
    
    
    16,586,367Other
    
    
    0$
    17,487,573Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/94
    
    
    
    
    
    $
    113,771,126Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    2,226,528Other
    
    
    0$
    2,226,528Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/95
    
    
    
    
    
    $
    115,997,654
 F-111




---



##### 



Balance at close of period  3/31/95
    
    
    
    
    
    $
    115,997,654Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    231,724Other
    
    
    0$
    231,724Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/96
    
    
    
    
    
    $
    116,229,378Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    67,052Other
    
    
    0$
    67,052Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/97
    
    
    
    
    
    $
    116,296,430Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    141,479Other
    
    
    0$
    141,479Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/98
    
    
    
    
    
    $
    116,437,909
 F-112




---



##### 



Balance at close of period  3/31/98
    
    
    
    
    
    $
    116,437,909Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    144,694Other
    
    
    0$
    144,694Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/99
    
    
    
    
    
    $
    116,582,603Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    (292,387
    )Other
    
    
    0$
    (292,387
    )Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/00
    
    
    
    
    
    $
    116,290,216Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    (743,691
    )Other
    
    
    0$
    (743,691
    )Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/01
    
    
    
    
    
    $
    115,546,525
 F-113




---



##### 



Balance at close of period  3/31/01
    
    
    
    
    
    $
    115,546,525Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    538,950Other
    
    
    0$
    538,950Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/02
    
    
    
    
    
    $
    116,085,475Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    358,807Other
    
    
    0$
    358,807Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/03
    
    
    
    
    
    $
    116,444,282Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    307,719Other
    
    
    0$
    307,719Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/04
    
    
    
    
    
    $
    116,752,001
 F-114




---



##### 



Balance at close of period  3/31/04
    
    
    
    
    
    $
    116,752,001Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    353,955Other
    
    
    0$
    353,955Deductions during period:Cost of real estate sold
    
    $
    (27,532,045
    )Other
    
    
    0(27,532,045
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    89,573,911Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    287,239Other
    
    
    0$
    287,239Deductions during period:Cost of real estate sold
    
    $
    (5,694,900
    )Other
    
    
    0(5,694,900
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    84,166,250Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    103,103Other
    
    
    0$
    103,103Deductions during period:Cost of real estate sold
    
    $
    (29,663,657
    )Other
    
    
    0(29,663,657
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    54,605,696
 F-115




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    2,036,741Current year expense
    
    $
    3,141,623Balance at close of period  3/31/93
    
    
    
    
    
    $
    5,178,364Current year expense
    
    $
    3,409,630Balance at close of period  3/31/94
    
    
    
    
    
    $
    8,587,994Current year expense
    
    $
    4,171,394Balance at close of period  3/31/95
    
    
    
    
    
    $
    12,759,388Current year expense
    
    $
    4,116,629Balance at close of period  3/31/96
    
    
    
    
    
    $
    16,876,017Current year expense
    
    $
    3,687,191Balance at close of period  3/31/97
    
    
    
    
    
    $
    20,563,208Current year expense
    
    $
    3,611,359Balance at close of period  3/31/98
    
    
    
    
    
    $
    24,174,567Current year expense
    
    $
    3,513,077Balance at close of period  3/31/99
    
    
    
    
    
    $
    27,687,644Current year expense
    
    $
    3,220,274Balance at close of period  3/31/00
    
    
    
    
    
    $
    30,907,918Current year expense
    
    $
    2,820,392Balance at close of period  3/31/01
    
    
    
    
    
    $
    33,728,310Current year expense
    
    $
    3,371,448Balance at close of period  3/31/02
    
    
    
    
    
    $
    37,099,758Current year expense
    
    $
    3,327,140Balance at close of period  3/31/03
    
    
    
    
    
    $
    40,426,898Current year expense
    
    $
    3,392,354Balance at close of period  3/31/04
    
    
    
    
    
    $
    43,819,252Current year expense
    
    $
    2,700,902Reduction of Real Estate sold
    
    
    (7,417,658
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    39,102,496Current year expense
    
    $
    2,633,367Reduction of Real Estate sold
    
    
    (2,707,251
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    39,028,612Current year expense
    
    $
    1,600,792Reduction of Real Estate sold
    
    
    (14,562,791
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    26,066,613
 F-116




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedADA VILLAGE
    
    
    979,220
    
    
    
    125,997
    
    
    
    1,201,080
    
    
    
    8,041
    
    
    
    125,997
    
    
    
    1,209,121
    
    
    
    1,335,118
    
    
    
    557,693
    
    
    Nov-93
    
    Jan-93
    
    
    5-30AMHERST
    
    
    1,541,941
    
    
    
    60,000
    
    
    
    1,920,734
    
    
    
    22,818
    
    
    
    60,000
    
    
    
    1,943,552
    
    
    
    2,003,552
    
    
    
    1,072,241
    
    
    Jan-92
    
    Jan-92
    
    
    7-27.5BECKWOOD MANOR
    
    
    1,229,906
    
    
    
    35,000
    
    
    
    1,569,743
    
    
    
    49,758
    
    
    
    35,000
    
    
    
    1,619,501
    
    
    
    1,654,501
    
    
    
    891,143
    
    
    Oct-92
    
    May-92
    
    
    5-27.5BELMONT VILLAGE
    
    
    900,527
    
    
    
    64,312
    
    
    
    1,073,695
    
    
    
    69,322
    
    
    
    64,312
    
    
    
    1,143,017
    
    
    
    1,207,329
    
    
    
    475,145
    
    
    Dec-91
    
    Jan-92
    
    
    7-27.5BLANCHARD VILLAGE
    
    
    207,410
    
    
    
    42,000
    
    
    
    727,225
    
    
    
    (519,908
    )
    
    
    23,726
    
    
    
    207,317
    
    
    
    231,043
    
    
    
    84,205
    
    
    Sep-91
    
    Oct-91
    
    
    7-40BLANCHARD SENIOR
    
    
    580,522
    
    
    
    42,000
    
    
    
    730,704
    
    
    
    33,871
    
    
    
    42,000
    
    
    
    764,575
    
    
    
    806,575
    
    
    
    287,394
    
    
    Jul-93
    
    Jan-93
    
    
    5-30BRANTWOOD
    
    
    1,113,543
    
    
    
    55,500
    
    
    
    1,382,381
    
    
    
    53,279
    
    
    
    55,500
    
    
    
    1,435,660
    
    
    
    1,491,160
    
    
    
    818,925
    
    
    Sep-91
    
    Jul-91
    
    
    7-27.5BRECKENRIDGE
    
    
    843,715
    
    
    
    21,500
    
    
    
    1,181,178
    
    
    
    (57
    )
    
    
    21,500
    
    
    
    1,181,121
    
    
    
    1,202,621
    
    
    
    506,954
    
    
    Mar-92
    
    Jan-92
    
    
    7-27.5BRIARWOOD II
    
    
    1,449,603
    
    
    
    90,000
    
    
    
    1,785,580
    
    
    
    (191,603
    )
    
    
    90,000
    
    
    
    1,593,977
    
    
    
    1,683,977
    
    
    
    852,039
    
    
    Apr-92
    
    Feb-92
    
    
    7-27.5BRIDGE COALITION
    
    
    0
    
    
    
    0
    
    
    
    695,990
    
    
    
    182,124
    
    
    
    0
    
    
    
    878,114
    
    
    
    878,114
    
    
    
    439,460
    
    
    Dec-91
    
    Jan-92
    
    
    27.5BUCHANAN
    
    
    706,164
    
    
    
    63,275
    
    
    
    833,561
    
    
    
    35,252
    
    
    
    63,275
    
    
    
    868,813
    
    
    
    932,088
    
    
    
    534,152
    
    
    Oct-90
    
    Jul-91
    
    
    7-27.5CAPITAL HOUSING
    
    
    1,222,881
    
    
    
    178,000
    
    
    
    3,131,389
    
    
    
    82,880
    
    
    
    178,000
    
    
    
    3,214,269
    
    
    
    3,392,269
    
    
    
    1,842,888
    
    
    Jan-91
    
    Aug-91
    
    
    7-27.5CAPITOL ONE
    
    
    675,708
    
    
    
    35,000
    
    
    
    883,508
    
    
    
    470
    
    
    
    35,000
    
    
    
    883,978
    
    
    
    918,978
    
    
    
    411,402
    
    
    Aug-95
    
    Mar-95
    
    
    5-27.5CARLETON COURT
    
    
    2,955,965
    
    
    
    94,360
    
    
    
    3,954,231
    
    
    
    185,553
    
    
    
    94,360
    
    
    
    4,139,784
    
    
    
    4,234,144
    
    
    
    1,679,312
    
    
    Dec-91
    
    Dec-91
    
    
    7-34CARRIAGE RUN
    
    
    1,259,811
    
    
    
    83,980
    
    
    
    1,046,960
    
    
    
    570,545
    
    
    
    83,980
    
    
    
    1,617,505
    
    
    
    1,701,485
    
    
    
    899,516
    
    
    Apr-92
    
    Oct-91
    
    
    7-27.5CEDARWOOD
    
    
    1,375,508
    
    
    
    61,698
    
    
    
    1,477,659
    
    
    
    234,950
    
    
    
    61,698
    
    
    
    1,712,609
    
    
    
    1,774,307
    
    
    
    581,036
    
    
    Jan-92
    
    Oct-91
    
    
    7-27.5CENTRAL VALLEY
    
    
    1,772,219
    
    
    
    141,353
    
    
    
    2,170,282
    
    
    
    0
    
    
    
    141,353
    
    
    
    2,170,282
    
    
    
    2,311,635
    
    
    
    703,463
    
    
    Dec-91
    
    Jan-92
    
    
    5-50CHAPARRAL
    
    
    677,423
    
    
    
    38,972
    
    
    
    863,939
    
    
    
    3,510
    
    
    
    38,972
    
    
    
    867,449
    
    
    
    906,421
    
    
    
    286,783
    
    
    Jul-91
    
    Aug-91
    
    
    7-50COLLEGE GREEN
    
    
    4,002,942
    
    
    
    225,000
    
    
    
    6,774,847
    
    
    
    158,826
    
    
    
    225,000
    
    
    
    6,933,673
    
    
    
    7,158,673
    
    
    
    3,090,552
    
    
    Aug-95
    
    Mar-95
    
    
    5-27.5COLORADO CITY
    
    
    528,434
    
    
    
    30,000
    
    
    
    608,138
    
    
    
    49,956
    
    
    
    30,000
    
    
    
    658,094
    
    
    
    688,094
    
    
    
    252,170
    
    
    Oct-91
    
    Oct-91
    
    
    7-40
 F-117




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedCOTTONWOOD
    
    
    637,769
    
    
    
    40,000
    
    
    
    775,242
    
    
    
    133,957
    
    
    
    40,000
    
    
    
    909,199
    
    
    
    949,199
    
    
    
    332,229
    
    
    Jul-91
    
    Oct-91
    
    
    7-40CRYSTAL SPRINGS
    
    
    1,265,754
    
    
    
    60,000
    
    
    
    1,574,032
    
    
    
    113,373
    
    
    
    60,000
    
    
    
    1,687,405
    
    
    
    1,747,405
    
    
    
    688,991
    
    
    Jan-92
    
    Jan-92
    
    
    7-27.5DAVIS VILLAGE
    
    
    1,107,775
    
    
    
    55,000
    
    
    
    1,456,778
    
    
    
    58,314
    
    
    
    55,000
    
    
    
    1,515,092
    
    
    
    1,570,092
    
    
    
    681,538
    
    
    Sep-93
    
    Jan-93
    
    
    5-30DERBY HOUSING
    
    
    1,311,953
    
    
    
    165,000
    
    
    
    3,451,914
    
    
    
    59,393
    
    
    
    165,000
    
    
    
    3,511,307
    
    
    
    3,676,307
    
    
    
    2,019,304
    
    
    Sep-91
    
    Jun-91
    
    
    7-27.5DEVENWOOD
    
    
    846,024
    
    
    
    76,000
    
    
    
    1,215,772
    
    
    
    4,653
    
    
    
    76,000
    
    
    
    1,220,425
    
    
    
    1,296,425
    
    
    
    685,014
    
    
    Jan-93
    
    Jul-92
    
    
    N/ADUNCAN VILLAGE
    
    
    1,057,456
    
    
    
    83,875
    
    
    
    1,391,226
    
    
    
    59,893
    
    
    
    83,875
    
    
    
    1,451,119
    
    
    
    1,534,994
    
    
    
    650,022
    
    
    Nov-93
    
    Jan-93
    
    
    5-30EDISON VILLAGE
    
    
    1,158,826
    
    
    
    46,536
    
    
    
    1,425,180
    
    
    
    50,223
    
    
    
    46,536
    
    
    
    1,475,403
    
    
    
    1,521,939
    
    
    
    824,299
    
    
    Feb-92
    
    Jul-91
    
    
    7-27.5EXCELSIOR
    
    
    606,500
    
    
    
    70,000
    
    
    
    704,252
    
    
    
    128,328
    
    
    
    70,000
    
    
    
    832,580
    
    
    
    902,580
    
    
    
    501,273
    
    
    Apr-91
    
    Feb-92
    
    
    7-27.5FOUR OAKS HOUSING
    
    
    868,343
    
    
    
    48,000
    
    
    
    1,063,004
    
    
    
    21,940
    
    
    
    73,083
    
    
    
    1,084,944
    
    
    
    1,158,027
    
    
    
    582,716
    
    
    Jun-92
    
    Mar-92
    
    
    7-27.5FRANKLIN VISTA
    
    
    903,289
    
    
    
    49,520
    
    
    
    1,130,261
    
    
    
    48,373
    
    
    
    49,520
    
    
    
    1,178,634
    
    
    
    1,228,154
    
    
    
    258,189
    
    
    Apr-92
    
    Jan-92
    
    
    7-27.5FRIENDSHIP
    
    
    1,402,586
    
    
    
    195,314
    
    
    
    1,639,123
    
    
    
    196,252
    
    
    
    213,230
    
    
    
    1,835,375
    
    
    
    2,048,605
    
    
    
    1,221,948
    
    
    Jun-91
    
    Jan-92
    
    
    7-27.5HARRISON CITY
    
    
    1,440,333
    
    
    
    35,521
    
    
    
    1,792,881
    
    
    
    137,178
    
    
    
    35,521
    
    
    
    1,930,059
    
    
    
    1,965,580
    
    
    
    1,058,128
    
    
    Sep-92
    
    Jul-92
    
    
    7-27.5HESSMER
    
    
    883,287
    
    
    
    35,000
    
    
    
    380,289
    
    
    
    835,928
    
    
    
    35,000
    
    
    
    1,216,217
    
    
    
    1,251,217
    
    
    
    460,035
    
    
    Apr-92
    
    Dec-91
    
    
    7-40HILLMONT VILLAGE
    
    
    859,068
    
    
    
    38,000
    
    
    
    911,697
    
    
    
    188,457
    
    
    
    38,000
    
    
    
    1,100,154
    
    
    
    1,138,154
    
    
    
    606,210
    
    
    Jan-92
    
    Sep-91
    
    
    7-27.5HUGHES SPRINGS
    
    
    767,392
    
    
    
    35,000
    
    
    
    947,230
    
    
    
    46,438
    
    
    
    35,000
    
    
    
    993,668
    
    
    
    1,028,668
    
    
    
    365,853
    
    
    Aug-91
    
    Oct-91
    
    
    7-40JARRATT
    
    
    806,170
    
    
    
    55,926
    
    
    
    1,028,925
    
    
    
    (36,416
    )
    
    
    56,534
    
    
    
    992,509
    
    
    
    1,049,043
    
    
    
    551,929
    
    
    Dec-91
    
    Oct-91
    
    
    7-27.5
 F-118




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedKING FISHER
    
    
    149,869
    
    
    
    21,000
    
    
    
    198,768
    
    
    
    (39,545
    )
    
    
    21,000
    
    
    
    159,223
    
    
    
    180,223
    
    
    
    63,637
    
    
    Dec-93
    
    Jan-93
    
    
    5-30LA GAMA DEL BARIO
    
    
    643,703
    
    
    
    110,000
    
    
    
    1,020,084
    
    
    
    52,290
    
    
    
    110,000
    
    
    
    1,072,374
    
    
    
    1,182,374
    
    
    
    554,378
    
    
    Aug-92
    
    Jun-92
    
    
    7-27.5LAKE ISABELLA
    
    
    1,943,647
    
    
    
    360,000
    
    
    
    2,036,815
    
    
    
    229,471
    
    
    
    360,000
    
    
    
    2,266,286
    
    
    
    2,626,286
    
    
    
    742,858
    
    
    Jan-92
    
    Sep-91
    
    
    5-50LAKEVIEW MEADOWS
    
    
    1,449,482
    
    
    
    99,580
    
    
    
    2,665,491
    
    
    
    128,818
    
    
    
    99,580
    
    
    
    2,794,309
    
    
    
    2,893,889
    
    
    
    1,602,019
    
    
    Jun-92
    
    Jan-92
    
    
    12-40LAKEWOOD TERRACE
    
    
    3,093,187
    
    
    
    124,707
    
    
    
    2,257,609
    
    
    
    4,634,302
    
    
    
    124,707
    
    
    
    6,891,911
    
    
    
    7,016,618
    
    
    
    3,636,149
    
    
    Aug-89
    
    Nov-93
    
    
    5-27.5LEXINGTON PARK
    
    
    5,132,621
    
    
    
    500,000
    
    
    
    7,754,757
    
    
    
    280,023
    
    
    
    500,000
    
    
    
    8,034,780
    
    
    
    8,534,780
    
    
    
    3,072,921
    
    
    Dec-93
    
    Nov-91
    
    
    7-27.5LEXINGTON VILLAGE
    
    
    198,278
    
    
    
    23,814
    
    
    
    246,703
    
    
    
    (52,517
    )
    
    
    23,814
    
    
    
    194,186
    
    
    
    218,000
    
    
    
    90,504
    
    
    Nov-93
    
    Jan-93
    
    
    5-30LONACONING
    
    
    1,443,933
    
    
    
    113,305
    
    
    
    181,203
    
    
    
    1,559,859
    
    
    
    113,305
    
    
    
    1,741,062
    
    
    
    1,854,367
    
    
    
    651,244
    
    
    Sep-92
    
    Dec-91
    
    
    5-27.5LOUIS ASSOCIATES
    
    
    734,424
    
    
    
    13,720
    
    
    
    1,038,651
    
    
    
    70,506
    
    
    
    13,720
    
    
    
    1,109,157
    
    
    
    1,122,877
    
    
    
    493,676
    
    
    Jan-92
    
    Mar-92
    
    
    7-27.5MAIDU
    
    
    1,608,654
    
    
    
    56,500
    
    
    
    5,108,838
    
    
    
    93,956
    
    
    
    56,500
    
    
    
    5,202,794
    
    
    
    5,259,294
    
    
    
    2,978,993
    
    
    Dec-91
    
    Jan-92
    
    
    7-27.5MARION MANOR
    
    
    972,922
    
    
    
    50,000
    
    
    
    1,237,671
    
    
    
    83,845
    
    
    
    50,000
    
    
    
    1,321,516
    
    
    
    1,371,516
    
    
    
    483,220
    
    
    Jun-92
    
    Feb-92
    
    
    7-27.5MAYSVILLE VILLAGE
    
    
    205,905
    
    
    
    25,920
    
    
    
    255,681
    
    
    
    (54,943
    )
    
    
    25,920
    
    
    
    200,738
    
    
    
    226,658
    
    
    
    93,735
    
    
    Oct-93
    
    Jan-93
    
    
    5-30MCCOMB FAMILY
    
    
    980,869
    
    
    
    30,000
    
    
    
    1,226,748
    
    
    
    59,708
    
    
    
    30,000
    
    
    
    1,286,456
    
    
    
    1,316,456
    
    
    
    576,040
    
    
    Oct-91
    
    Oct-91
    
    
    7-27.5MONTAGUE
    
    
    1,108,478
    
    
    
    0
    
    
    
    1,493,360
    
    
    
    123,877
    
    
    
    22,223
    
    
    
    1,617,237
    
    
    
    1,639,460
    
    
    
    833,807
    
    
    Dec-91
    
    Dec-91
    
    
    5-30NAVAPAI
    
    
    859,138
    
    
    
    53,480
    
    
    
    1,073,287
    
    
    
    25,571
    
    
    
    53,480
    
    
    
    1,098,858
    
    
    
    1,152,338
    
    
    
    394,122
    
    
    Apr-91
    
    Jun-91
    
    
    7-50NEVADA CITY
    
    
    3,455,424
    
    
    
    492,000
    
    
    
    3,954,179
    
    
    
    135,550
    
    
    
    492,000
    
    
    
    4,089,729
    
    
    
    4,581,729
    
    
    
    1,304,471
    
    
    Oct-91
    
    Jan-92
    
    
    5-27.5NEW RIVER
    
    
    1,444,979
    
    
    
    46,400
    
    
    
    1,279,522
    
    
    
    571,617
    
    
    
    46,400
    
    
    
    1,851,139
    
    
    
    1,897,539
    
    
    
    732,541
    
    
    Feb-92
    
    Aug-91
    
    
    7-27.5NEWELLTON
    
    
    899,779
    
    
    
    57,600
    
    
    
    1,161,263
    
    
    
    57,047
    
    
    
    57,600
    
    
    
    1,218,310
    
    
    
    1,275,910
    
    
    
    465,374
    
    
    Apr-92
    
    Feb-92
    
    
    7-40OAKLAND VILLAGE
    
    
    828,825
    
    
    
    38,400
    
    
    
    1,021,589
    
    
    
    2,351
    
    
    
    58,014
    
    
    
    1,023,940
    
    
    
    1,081,954
    
    
    
    545,640
    
    
    Aug-92
    
    May-92
    
    
    7-27.5OKEMAH VILLAGE
    
    
    654,407
    
    
    
    27,752
    
    
    
    872,256
    
    
    
    25,642
    
    
    
    27,752
    
    
    
    897,898
    
    
    
    925,650
    
    
    
    412,756
    
    
    May-93
    
    Jan-93
    
    
    7-27.5
 F-119




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedPINERIDGE
    
    
    941,386
    
    
    
    31,500
    
    
    
    494,515
    
    
    
    793,178
    
    
    
    31,500
    
    
    
    1,287,693
    
    
    
    1,319,193
    
    
    
    413,193
    
    
    Mar-92
    
    Oct-91
    
    
    7-27.5PORTVILLE SQUARE
    
    
    851,018
    
    
    
    66,206
    
    
    
    1,068,007
    
    
    
    82,061
    
    
    
    66,206
    
    
    
    1,150,068
    
    
    
    1,216,274
    
    
    
    465,613
    
    
    Mar-92
    
    Mar-92
    
    
    7-27.5PRAGUE VILLAGE
    
    
    114,757
    
    
    
    10,500
    
    
    
    157,060
    
    
    
    (31,460
    )
    
    
    10,500
    
    
    
    125,600
    
    
    
    136,100
    
    
    
    60,354
    
    
    Mar-93
    
    Jan-93
    
    
    7-27.5RAINIER MANOR
    
    
    3,494,272
    
    
    
    521,000
    
    
    
    5,852,852
    
    
    
    122,482
    
    
    
    521,000
    
    
    
    5,975,334
    
    
    
    6,496,334
    
    
    
    2,355,016
    
    
    Jan-93
    
    Mar-92
    
    
    7-27.5ROSEWOOD MANOR
    
    
    1,402,333
    
    
    
    175,000
    
    
    
    1,605,480
    
    
    
    15,384
    
    
    
    175,000
    
    
    
    1,620,864
    
    
    
    1,795,864
    
    
    
    916,406
    
    
    Nov-91
    
    Dec-91
    
    
    7-27.5SAN JACINTO
    
    
    2,310,973
    
    
    
    288,000
    
    
    
    2,694,130
    
    
    
    105,463
    
    
    
    288,000
    
    
    
    2,799,593
    
    
    
    3,087,593
    
    
    
    940,489
    
    
    Oct-91
    
    Jan-92
    
    
    5-50SCOTT PARTNERS
    
    
    991,359
    
    
    
    60,000
    
    
    
    1,171,445
    
    
    
    803,946
    
    
    
    60,000
    
    
    
    1,975,391
    
    
    
    2,035,391
    
    
    
    941,972
    
    
    Nov-91
    
    Oct-91
    
    
    7-27.5SIOUX FALLS
    
    
    837,305
    
    
    
    82,406
    
    
    
    2,233,596
    
    
    
    45,159
    
    
    
    82,406
    
    
    
    2,278,755
    
    
    
    2,361,161
    
    
    
    1,314,070
    
    
    Oct-91
    
    Nov-91
    
    
    7-27.5SMITHVILLE
    
    
    1,211,761
    
    
    
    79,790
    
    
    
    1,465,210
    
    
    
    133,620
    
    
    
    79,790
    
    
    
    1,598,830
    
    
    
    1,678,620
    
    
    
    969,919
    
    
    May-91
    
    Feb-92
    
    
    7-27.5SOUTH FULTON
    
    
    649,596
    
    
    
    34,000
    
    
    
    794,896
    
    
    
    21,948
    
    
    
    34,000
    
    
    
    816,844
    
    
    
    850,844
    
    
    
    362,410
    
    
    Aug-91
    
    Oct-91
    
    
    7-27.5STANDARDVILLE
    
    
    569,311
    
    
    
    29,500
    
    
    
    691,006
    
    
    
    9,975
    
    
    
    29,500
    
    
    
    700,981
    
    
    
    730,481
    
    
    
    284,337
    
    
    Nov-91
    
    Apr-92
    
    
    5-40ST BARNABAS
    
    
    1,131,855
    
    
    
    43,335
    
    
    
    1,520,445
    
    
    
    50,056
    
    
    
    43,335
    
    
    
    1,570,501
    
    
    
    1,613,836
    
    
    
    504,146
    
    
    Dec-91
    
    Oct-91
    
    
    7-27.5SUMMERLANE
    
    
    850,131
    
    
    
    48,700
    
    
    
    1,010,651
    
    
    
    (1
    )
    
    
    48,700
    
    
    
    1,010,650
    
    
    
    1,059,350
    
    
    
    572,328
    
    
    Nov-91
    
    Jul-91
    
    
    7-27.5TIONESTA MANOR
    
    
    1,388,679
    
    
    
    229,850
    
    
    
    1,666,675
    
    
    
    143,949
    
    
    
    229,850
    
    
    
    1,810,624
    
    
    
    2,040,474
    
    
    
    1,044,742
    
    
    Jan-92
    
    Feb-92
    
    
    7-27.5
 F-120




---



##### 



Cost capitalizedsubsequent to
    
    Gross amount at which carriedInitial cost to company
    
    acquisition
    
    at close of periodLife on whichEncum-
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Date of
    
    Date
    
    depreciation isDescription
    
    brances
    
    Land
    
    improvements
    
    Improvements
    
    Land
    
    improvements
    
    Total
    
    depreciation
    
    construction
    
    acquired
    
    computedTITUSVILLE
    
    
    1,204,537
    
    
    
    85,280
    
    
    
    1,235,975
    
    
    
    254,538
    
    
    
    85,280
    
    
    
    1,490,513
    
    
    
    1,575,793
    
    
    
    834,881
    
    
    Jan-92
    
    Dec-91
    
    
    7-27.5TOPSHAM
    
    
    1,097,686
    
    
    
    135,552
    
    
    
    1,458,644
    
    
    
    36,172
    
    
    
    135,552
    
    
    
    1,494,816
    
    
    
    1,630,368
    
    
    
    578,115
    
    
    Aug-92
    
    Nov-91
    
    
    10-40VICTORIA
    
    
    1,309,797
    
    
    
    12,500
    
    
    
    1,733,581
    
    
    
    27,288
    
    
    
    12,500
    
    
    
    1,760,869
    
    
    
    1,773,369
    
    
    
    969,402
    
    
    Jun-92
    
    Jan-92
    
    
    5-27.5VILLAGE TERRACE
    
    
    621,359
    
    
    
    63,000
    
    
    
    1,529,691
    
    
    
    10,050
    
    
    
    63,000
    
    
    
    1,539,741
    
    
    
    1,602,741
    
    
    
    868,263
    
    
    Sep-91
    
    May-92
    
    
    5-40WASHINGTON
    
    
    1,106,155
    
    
    
    72,396
    
    
    
    1,494,696
    
    
    
    59,210
    
    
    
    72,396
    
    
    
    1,553,906
    
    
    
    1,626,302
    
    
    
    870,107
    
    
    Aug-91
    
    Jul-91
    
    
    7-27WESLEY VILLAGE
    
    
    1,273,310
    
    
    
    44,750
    
    
    
    347,831
    
    
    
    1,267,566
    
    
    
    44,750
    
    
    
    1,615,397
    
    
    
    1,660,147
    
    
    
    622,961
    
    
    Jun-92
    
    Oct-91
    
    
    5-27.5WOODFIELD COMMONS
    
    
    771,597
    
    
    
    66,533
    
    
    
    2,478,583
    
    
    
    (1,266,102
    )
    
    
    83,066
    
    
    
    1,212,481
    
    
    
    1,295,547
    
    
    
    134,348
    
    
    Jun-91
    
    Sep-91
    
    
    12-40WYNNEWOOD VILLAGE
    
    
    417,981
    
    
    
    41,987
    
    
    
    521,591
    
    
    
    (93,270
    )
    
    
    41,987
    
    
    
    428,321
    
    
    
    470,308
    
    
    
    193,090
    
    
    Nov-93
    
    Jan-93
    
    
    5-27.592,301,649
    
    
    
    7,042,602
    
    
    
    124,211,665
    
    
    
    13,654,511
    
    
    
    7,126,305
    
    
    
    137,866,176
    
    
    
    144,992,481
    
    
    
    63,698,398
 
 F-121




---



##### 



Balance at
beginning of period  4/1/92
    
    
    
    
    
    $
    81,648,074Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    80,920,213Improvements, etc
    
    
    5,161,569Other
    
    
    0$
    86,081,782Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/93
    
    
    
    
    
    $
    167,729,856Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    2,382,316Improvements, etc
    
    
    38,261,558Other
    
    
    0$
    40,643,874Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/94
    
    
    
    
    
    $
    208,373,730Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    4,756,033Improvements, etc
    
    
    4,399,236Other
    
    
    0$
    9,155,269Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    0$
    0Balance at close of period  3/31/95
    
    
    
    
    
    $
    217,528,999
 F-122




---



##### 



Balance at
close of period  3/31/95
    
    
    
    
    
    $
    217,528,999Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    11,627,996Other
    
    
    0$
    11,627,996Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (299,900
    )(299,900
    )Balance at close of period  3/31/96
    
    
    
    
    
    $
    228,857,095Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    (9,932,304
    )Other
    
    
    0$
    (9,932,304
    )Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/97
    
    
    
    
    
    $
    218,924,791Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    369,722Other
    
    
    0$
    369,722Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/98
    
    
    
    
    
    $
    219,294,513
 F-123




---



##### 



Balance at close of period  3/31/98
    
    
    
    
    
    $
    219,294,513Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    768,624Other
    
    
    0$
    768,624Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/99
    
    
    
    
    
    $
    220,063,137Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    895,813Other
    
    
    0$
    895,813Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/00
    
    
    
    
    
    $
    220,958,950Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    500,163Other
    
    
    0$
    500,163Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    (500,929
    )(500,929
    )Balance at close of period  3/31/01
    
    
    
    
    
    $
    220,958,184
 F-124




---



##### 



Balance at
close of period  3/31/01
    
    
    
    
    
    $
    220,958,184Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    657,888Other
    
    
    0$
    657,888Deductions during period:Cost of real estate sold
    
    $
    0Other
    
    
    00Balance at close of period  3/31/02
    
    
    
    
    
    $
    221,616,072Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    443,056Other
    
    
    0$
    443,056Deductions during period:Cost of real estate sold
    
    $
    (11,260,226
    )Other
    
    
    0(11,260,226
    )Balance at close of period  3/31/03
    
    
    
    
    
    $
    210,798,902Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    564,329Other
    
    
    0$
    564,329Deductions during period:Cost of real estate sold
    
    $
    (5,210,830
    )Other
    
    
    0(5,210,830
    )Balance at close of period  3/31/04
    
    
    
    
    
    $
    206,152,401
 F-125




---



##### 



Balance at close of period  3/31/04
    
    
    
    
    
    $
    206,152,401Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    (194,104
    )Other
    
    
    0$
    (194,104
    )Deductions during period:Cost of real estate sold
    
    $
    (33,924,667
    )Other
    
    
    0(33,924,667
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    172,033,630Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    878,252Other
    
    
    0$
    878,252Deductions during period:Cost of real estate sold
    
    $
    (7,753,990
    )Other
    
    
    0(7,753,990
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    165,157,892Additions during period:Acquisitions through foreclosure
    
    $
    0Other acquisitions
    
    
    0Improvements, etc
    
    
    381,026Other
    
    
    (1,815,692
    )$
    (1,434,666
    )Deductions during period:Cost of real estate sold
    
    $
    (18,730,745
    )Other
    
    
    0(18,730,745
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    144,992,481
 F-126




---



##### 



Balance at beginning of period  4/1/92
    
    
    
    
    
    $
    659,075Current year expense
    
    $
    5,383,385Balance at close of period  3/31/93
    
    
    
    
    
    $
    6,042,460Current year expense
    
    $
    6,562,213Balance at close of period  3/31/94
    
    
    
    
    
    $
    12,604,673Current year expense
    
    $
    7,623,477Balance at close of period  3/31/95
    
    
    
    
    
    $
    20,228,150Current year expense
    
    $
    8,161,751Balance at close of period  3/31/96
    
    
    
    
    
    $
    28,389,901Current year expense
    
    $
    5,335,897Balance at close of period  3/31/97
    
    
    
    
    
    $
    33,725,798Current year expense
    
    $
    6,688,907Balance at close of period  3/31/98
    
    
    
    
    
    $
    40,414,705Current year expense
    
    $
    6,624,768Balance at close of period  3/31/99
    
    
    
    
    
    $
    47,039,473Current year expense
    
    $
    6,550,775Balance at close of period  3/31/00
    
    
    
    
    
    $
    53,590,248Current year expense
    
    $
    5,968,135Balance at close of period  3/31/01
    
    
    
    
    
    $
    59,558,383Current year expense
    
    $
    6,445,983Balance at close of period  3/31/02
    
    
    
    
    
    $
    66,004,366Current year expense
    
    $
    2,425,911Balance at close of period  3/31/03
    
    
    
    
    
    $
    68,430,277Current year expense
    
    $
    6,001,797Reduction for Real Estate Sold
    
    
    (2,495,965
    )Balance at close of period  3/31/04
    
    
    
    
    
    $
    71,936,109Current year expense
    
    $
    4,795,316Reduction for Real Estate Sold
    
    
    (9,135,279
    )Balance at close of period  3/31/05
    
    
    
    
    
    $
    67,596,146Current year expense
    
    $
    4,852,837Reduction for Real Estate Sold
    
    
    (3,226,642
    )Balance at close of period  3/31/06
    
    
    
    
    
    $
    69,222,341Current year expense
    
    $
    3,061,522Reduction for Real Estate Sold
    
    
    (8,585,465
    )Balance at close of period  3/31/07
    
    
    
    
    
    $
    63,698,398
 F-127